More than 45,000 Australians have today woken up to their share of a $49.5 million settlement against NAB after the bank allegedly sold them junk insurance.
In November last year, Slater and Gordon settled a class action against NAB after the bank allegedly sold worthless insurance to vulnerable customers. This is one of four class actions in the Get Your Insurance Back campaign.
It is the first time since the Banking Royal Commission that customers who have been ripped off by large corporations will have received their compensation.
The Royal Commission revealed banks were selling worthless credit card and personal loan insurance to people with disabilities, people who were unemployed or chronically ill and ineligible to claim. Many people believed the insurance was compulsory or free, while others didn’t even know they had it.
Slater and Gordon Senior Associate said the money had come at a critical time for many Australians who have lost their jobs or are experiencing hardship because of COVID-19.
“We are pleased we can finally mark the end of this class action against NAB with a positive result for tens’ of thousands of Australians who will today wake up with a bit of extra money in their bank accounts,” Mr Barda said.
“Class actions are often the only way people have the means through which to take on big business when they have been hurt or ripped off; the NAB class action has meant almost 50,000 people have today received what was rightfully owed to them, without having to do much more than fill out a couple of short forms.
“The members of the class action haven’t had to battle through court, or take on huge financial risk, and have still been vindicated at the end of the day.”
Mr Barda said Slater and Gordon would continue to fight for Australians wronged by big business.
“The Banking Royal Commission revealed reprehensible behaviour from large corporations and big banks; we will continue to fight on behalf of those affected and give them back their voice,” he said.
The remaining eligible class action members will receive their compensation in coming days.
Slater and Gordon has filed against CommBank, ANZ and Westpac for also selling junk consumer credit insurance. The class actions were filed in the Federal Court.
