In 2020, law firm Slater and Gordon settled a class action against the National Australian Bank (NAB) and MLC Limited (MLC) on behalf of customers who were mis-sold consumer credit insurance (CCI) for their credit card and/or personal loan for $49.5 million.
In September 2018, Slater and Gordon filed a class action against NAB and MLC Limited in the Federal Court of Australia for consumers who held CCI for their credit card or personal loan for the following for products:
The class action alleged NAB and subsidiary MLC engaged in unconscionable conduct in selling consumer credit insurance (CCI) to customers.
On 8 May 2020, Justice Lee of the Federal Court approved the $49.5 million settlement with NAB and MLC Limited in its class action over the sale of credit card and personal loan CCI products.
The proceeding has now been finalised. All settlement payments to Group Members have been distributed.
Thousands of members may not have received their opt-notice because they have changed addresses and did not register for compensation in time – which means they may not be able to get a refund on junk insurance. This is because members are legally bound by the decision of the court or settlement unless they opted-out of the proceedings.
You must contact the law firm Slater and Gordon for any enquiries or questions about the NAB Consumer Credit Insurance Class Action.
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-outed of the proceedings
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