A Sydney man has reached a settlement with AMP over a missing deposit taken out in 1982.
As The Daily Telegraph revealed yesterday, Manny Rosenthal, 94, had been seeking as much as $200,000 in the NSW District Court after the funds management giant said it transferred the deposit to its joint venture Chase AMP, which the US bank bought out three years later.
The original deposit was $20,000, with an initial interest rate of 17.5 per cent.
Mr Rosenthal, of Maroubra, put the deposit certificate in his safe and forgot about it until he discovered it last year.
Under the terms of the settlement reached on Friday afternoon, the payout size was kept confidential.
However, Mr Rosenthal’s lawyer John Kambas of JFK Legal said “I can tell you Manny was happy with the result.”
It was a “David and Goliath battle and in the end right was done,” Mr Kambas said.
The $20,000 came from the sale of a piece of land.
The Holocaust survivor placed the investment certificate in his safe and forgot about it, according to a statement of claim filed with the NSW District Court.
Mr Rosenthal, now 94, only discovered the certificate late last year when he was looking for an important document in the safe and found the certificate at the bottom of the pile.