July 5 (Reuters) - Australia's AMP Ltd (AMP.AX) tanked on Wednesday after the country's federal court ruled against the wealth manager in class action proceedings that challenged the validity of some of the changes to its 'buyer of last resort' policy.
Shares of the company fell as much 7.5% to their lowest level in over a month. AMP was also the top loser on the benchmark index (.AXJO), which was last down 0.4%.
Under the changes made to the 'buyer of last resort' policy in August 2019, AMP re-negotiated arrangements with its financial planners to lower the amount it would pay them for their business when they retire.
