Did you know that every year millions of dollars in unfiled or misfiled class action reward settlements are left unclaimed by hard working Australians who miss out on a class action refund? You could be a part of a current class action and entitled to thousands of dollars in compensation without even knowing.
Many misrepresent themselves or settle within a class action for a smaller pay out, rather than individually filing with a specialised refund team and receiving thousands of $$$ back.
Obtaining a refund from a class actions starts first by checking if you’re apart of a current class action.
Law firms who manage these class actions will aim to convince a party to join a class action instead of pursuing a claim individually or with a team like Claimo. Our aim is to help individuals settle outside of a class action and obtain a fair, better refund. Our background is within the legal and finance sector, and we’ve been helping hard working Aussie’s get larger pay outs for years to come, with a 99% success rate.
If there is a class action you’re currently a part of, or unaware of, you can simply fill in our free claim check form and get started today! One of our helpful Melbourne based refund specialists will contact you for a friendly chat.
Current Class Actions
Past Class Actions (which you may still be able to obtain a refund from, contact us today)
A class action is type of legal proceeding in which a person (the applicant or plaintiff) brings a claim on behalf of a wider group of people against a respondent.
Class actions are commenced, regardless of whether all group members are aware if they exist or not. Class actions are run on an “opt-out” basis and can take years to settle. Class actions also usually settle on much smaller pay outs than the total of the group members individual premiums purchased, and their legal fees (from the law firm) reduce the settlement amount received in the pay out.
This all leads us to our next point, so what is a junk insurance class action?
In 2018, The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry revealed that Australia’s big four banks had been ripping off customers by selling unnecessary and worthless insurance products attached to loans and credit cards.
Law firms are now investigating potential class actions against insurance companies on behalf of customers who paid for “add-on” insurance products when purchasing a motor vehicle, loan, or credit card.
These products are also referred to as “junk insurance”. We specialise in junk insurance refunds at Claimo due to our extensive knowledge on the products and refund sector.
Did you know?
That even though a class action settlement is closed, or the opt-out process is finished, you may still be able to gain a settlement and a larger pay out?
If you decide to opt in or out, we manage the entire process for you, also whether you are in legal proceedings or not, we work with you on obtaining the largest possible refund for you, and do the work for you!
Consumers may be able to receive a better class action refund by opting out of the class action and using Claimo instead or pursuing the refund themselves through the firms dispute resolution channel.
Based on previous class actions for junk insurance, members received significantly less than they were charged. For example, Swann Insurance recently settled a junk insurance class action for $138 Million, however the total charges were around $1 Billion. Legal fees are being deducted from the settlement amount, which means members may receive one tenth of what they were charged.
By pursuing a refund independently, you can pursue a full refund (plus interest charges) whereas the class action generally agrees on an amount which is divided amongst members.
Class Actions can also take up to three years to settle whereas Claimo generally settles claims within three months.
Australian Class Actions use an opt-out model. This means that all people affected by the event or circumstance become members of the class action whether they intended to or not.
These members are legally bound by the decision of the court or settlement unless they opt-out of the proceedings.
Thousands of members do not receive their opt-notice because they have changed addresses and do not register for compensation in time which means they are unable to get a refund on junk insurance
If you opt out, you will need to complete an opt out form and send it to the Supreme or Federal Court who is dealing with the class action.
If you ‘opt out’ of a class action, you remove yourself from a claim entirely. This means you will not be affected by the outcome of a class action at all and will be able to pursue your own individual claim for the same issues separately if you wish to.
If you wish to opt out of the class action, you can contact the Court citing the proceeding number and request a copy of the opt out form.
DISCLAIMER: This article does not provide legal or financial advice. Any information in this article is designed to provide information to consumers who want to learn more about class actions. All information is general in nature. Claimo is not liable for any loss caused, whether due to negligence or otherwise arising from use of, or reliance on, the information provided directly or indirectly, by use of this service. Consider whether the service is right for you. If you are unsure, seek independent legal advice.
The entire class action process can be overwhelming, we love to help! Simply contact our team using the link below, and we’ll walk you through the entire process from start to finish! We are a Melbourne based team with a long standing history in the legal and finance sector, we know how to make this process simple, and even help you with finding your documents.