The AMP Ltd (ASX: AMP) share price is ending the week in a subdued fashion.
In morning trade, the financial services company's shares are down over 1% to 94.2 cents.
As a comparison, the ASX 200 index is currently up 0.6%.
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What's going on with the AMP share price?
Today's weakness in the AMP share price appears to have been driven by an update on its capital return plans.
As readers may be aware, the company is in the process of returning $1.1 billion through a three-tranche capital management program.
Under tranche 1 and tranche 2 of the capital management program, $750 million has already been returned to shareholders since August 2022. This was via both an on-market share buyback and dividend payments.
The third and final tranche of the capital return program is for the remaining $350 million. In August, the company revealed that this return would be paused pending greater clarity on litigation matters.
Last month, the company announced that an agreement had been reached to settle the Buyer of Last Resort (BOLR) class action for a total of $100 million.
Unfortunately, despite this settlement, the company advised that it is still not in a position to make a decision on tranche 3. It notes that it remains in ongoing discussions with regulators and the tranche remains paused while these discussions continue.
However, the good news is that AMP stressed that it remains committed to the capital return, via buyback and dividends. It will update the market on any material development, no later than its FY 2023 results on 14 February.
The AMP share price is down almost 20% over the last six months.
