Consumer Credit Insurance Class Actions

Settlement Payment Update

The settlement process is actively ongoing. Our team is fully committed to ensuring secure payment to all eligible group members entitled to receive a portion of the settlement sum.

Upcoming Communications

If you are an eligible Group Member and have not yet received your payment, there are several reasons why your payment may have been delayed, including:

You provided incomplete or incorrect bank account details when completing your registration;
you updated your bank details with us, but did so after the bank detail update deadline causing your payment to be delayed;
your payment was impacted by bank processing errors; or.
you did not provide any bank details in the initial registration phase.

At this stage, we are unable to provide individuals with the exact reason why their payment may have been delayed.

We are in the process of preparing detailed communications, which will be sent in the coming weeks to all eligible Group Members whose payments have been delayed.

If you are entitled to receive a portion of the settlement sum and have not yet received payment, an email will be sent to the email address that you provided when registering for the class action. The email will contain important instructions requiring you to provide updated bank details.

All eligible Group Members whose payments have been delayed will be required to provide valid bank account details, even if they have attempted to update their details previously.

Next Steps

For those awaiting payment, further instructions will be included in the email that will be sent in the coming weeks. Stay informed by checking our website for the latest updates.

Settlements Approved

In the ANZ Consumer Credit Insurance (CCI) Class Action, the Federal Court has approved a $47 million settlement. The Federal Court made orders approving the proposed settlement on 21 June 2023 following the Settlement Approval Hearing held on 16 June 2023.

In the Westpac Consumer Credit Insurance (CCI) Class Action, the Federal Court has approved a $29 million settlement. The Federal Court made orders approving the proposed settlement following the Settlement Approval Hearing held on 21 June 2023.

In the CBA Consumer Credit Insurance (CCI) Class Action, the Federal Court has approved a $50 million settlement. The Federal Court made orders approving the settlement on 15 September 2023, following the Settlement Approval Hearing on 4 August 2023.

Distribution of Settlement Funds

Our class actions team is currently preparing to distribute the settlement fund to more than 200,000 group members in the consumer insurance actions against ANZ, Westpac and CBA.

We understand that you may have registered for compensation and awaiting payment can be frustrating.

We expect the calculation of individual compensation amounts for eligible ANZ customers to be completed by mid-December, with payments commencing from late December.

Calculation of individual compensation amounts for eligible Westpac group members will be completed in late December with payments to be processed during January.

Payments will be processed in batches of 10,000 per day and due to the impact of Christmas and public holidays on bank processing times it is difficult to provide exact dates at which individual payments will be received in bank accounts.

Payments for CBA customers will follow in February and March 2024.

We appreciate your patience as we seek to distribute to hundreds of thousands of Australians in the next few months.

Rest assured that any interest accrued on the distribution fund while this process is completed will also be distributed among group members.

Please note that we cannot provide you with specific details regarding your application or payment timing via social media, however you can find all the latest updates via the specific matter webpage.

Please be aware that we are currently receiving a high volume of enquiries and appreciate your understanding and patience whilst we ensure accurate payments are being calculated and processed to all eligible group members.

Frequently asked questions

What is a class action?

A class action is a type of legal proceeding in which one person, the representative plaintiff, brings a claim on behalf of a wider group of people who have been affected by the same conduct. By grouping claims together and pursuing them collectively, the overall value of the claim makes it economically worthwhile to do so, even if the value of individual claims are modest.

How can I keep up to date with the progress of the class action?

If you wish to receive updates on the progress of any of the distributions, please click on the link for the class action you are interested in below.

ANZ CCI Class Action

CBA CCI Class Action

Westpac CCI Class Action