Login
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”.
Jerome Doraisamy
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 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.
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
You can email Jerome at:
