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Federal Court lays out claimant options for Westpac Life class action
Options have been laid out by the Federal Court of Australia for more than 88,000 Westpac Life Insurance policyholders, in an action against the bank alleging charging of higher premiums.
Jerome Doraisamy
In late 2017, Shine Lawyers initiated proceedings on behalf of people who purchased insurance issued by Westpac Life, including superannuation funds, on the recommendation of financial advisers at Westpac, St George Bank, Bank of Melbourne, BankSA or BT Advice.
“It is also alleged that Westpac did not inform its customers that they could obtain substantially similar or better policies of insurance from alternative insurers for lower premiums,” Shine said in a statement.
“The class action claims that Westpac should not have acted in its own interests at the expense of those customers, and that they should be compensated for the excess premiums.”
In a ruling handed down last week, Justice Michael Lee “laid out the options available” to more than 88,000 Westpac Life Insurance policyholders who are members of the class action.
“The notice to be sent out outlined that the options available to group members are to sign up to the class action, opt out of the class action or to take no action at this stage,” explained Shine Lawyers national head of litigation and loss recovery Jan Saddler.
“By signing up to the class action, group members can help ensure that the action against Westpac continues to progress, which may result in an opportunity to recover their financial losses for premiums paid, that they should never have paid in the first place.
“Signing up to the class action costs no money upfront and there is no risk for having to pay any costs if the class action is unsuccessful.”
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly and HR Leader. He has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. In June 2024, he also assumed the editorship of HR Leader. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of the Minds Count Foundation.
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