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. AMP was also the top loser on the benchmark index (.AXJO), which was last down 0.4%. The court, on Wednesday, determined amounts payable in the amount of A$813,560 and A$115,533 to the class action's lead applicant Equity Financial Planners and sample group member Wealthstone, respectively. AMP acknowledged the court's decision and noted a process will be required to determine the impact of the decision on other group members of the class action suit, subject to any appeal. "Noting the complexity of the matter, AMP is reviewing the judgment in detail to determine the full effect of the judgment and its next steps," AMP added.

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Persons: tanked, Wealthstone, Himanshi, Krishna Chandra Organizations: Australia's AMP, AMP, Financial Planners, Thomson Locations: Bengaluru