Shine Lawyers has commenced proceedings in the Federal Court against major bank CBA’s CommInsure policy on behalf of “tens of thousands” of affected consumers.
Customers who were sold overpriced insurance policies based on the bad advice from financial planners have launched a class action against CommInsure, with assistance from class actions firm Shine Lawyers that lodged the action with the Federal Court.
Class actions practice leader Craig Allsopp said: “Instead of putting their clients’ best interests first, planners were incentivised by commissions and other benefits to funnel people into expensive CommInsure policies.”
“Customers trusted their advisers to make the best decisions for them but were let down and, in some cases, have lost thousands of dollars.”
If the class action is successful, Mr Allsopp said the amount each group member would receive in damages would depend on the premiums they have paid for their insurance for the period that they held the policy.
Mr Allsopp said it was “far too difficult and expensive” to launch individual legal claims against “big corporations with deep pockets”, so this case will give affected customers “a fighting chance to claw back the money they’re owed with the strength in numbers”.
