400,000 NAB customers may be eligible for consumer credit class action
Almost half a million Australians will today receive notice from the Federal Court advising of an “insurance rip-off” class action, in what the firm leading the class action is calling “one of the largest court-ordered notices in Australian legal history”.
At least one in every 50 adult Australians will today receive the notice advising that they may be eligible to be part of Slater and Gordon’s NAB consumer credit class action.
The firm is representing “potentially hundreds of thousands of NAB customers who were sold junk credit card and personal loan insurance that was of little or no value, and that many customers would never have been eligible to claim against”, the firm said in a statement.
The class action, being run on a “no win, no fee“ basis, was launched on the back of last year’s banking royal commission and is based on allegations that NAB “engaged in unconscionable conduct and misleading and deceptive conduct“.
Slaters practice group leader Andrew Paull said this was “one of the largest court-ordered notices in Australian legal history”.
“NAB will have to contact over 400,000 of the customers on their databases today, informing them that this class action exists, that the bank is accused of contravening the law and telling them what they have to do to be involved,” he said.
“If you are – or have been – a NAB customer in the past, keep an eye out for this letter which will advise you of how to register your interest in participating in the class action.
“NAB knows that using pushy tactics and pressuring vulnerable customers into buying worthless insurance was wrong. They did it anyway and collected millions of dollars in unwarranted premiums in the process.”
Mr Paull said the letter will further give customers the option of opting out of the class action, if they so wish.
The news follows the granting of leave to Slaters by the Federal Court in June of this year to expand the claim beyond credit card customers, to include people who were sold a similar type of insurance for personal loans.