Please Note
A notice was recently sent in another class action matter against ANZ, which is being run by the law firm Phi Finney McDonald. This class action is not related to the ANZ Consumer Credit Insurance class action that was conducted by Slater & Gordon.
For further information please visit this webpage: https://phifinneymcdonald.com/...
Finalisation
Settlement distribution in the ANZ CCI Class Action has now concluded. Please see the general information below.Distribution finalised
We have attempted to pay all eligible group members who submitted valid bank account details by the relevant deadline. Payments were made in late December 2023 to early January 2024.
Group members whose payments were withheld or failed due to invalid bank account details were given an additional opportunity to amend their details in April-May 2024. Payments for group members who successfully amended their details were made in late-June 2024. We note that it may take further time for the receiving banks of eligible group members to process and receive the relevant payments.
Settlement Timeline
The settlement process is currently at Stage 9 (Distribution finalised) of the timeline below.
Mediation occurred on 9 September 2022.
The parties reached an in principal agreement to settle the proceeding on 14 November 2022.
Notices of Proposed Settlement were distributed in January 2023, outlining how potential Group Members could register for compensation.
Potential Group Members were able to register online to determine whether they were eligible for distribution and, if so, how much they were entitled to receive. Registration closed on 9 April 2023.
An estimated compensation amount was provided in a Notice of Estimated Distribution to each Group Member who registered.
Federal Court made orders approving the proposed settlement on 21 June 2023 as it was satisfied that the settlement is fair and reasonable and in the best interests of Group Members.
Slater and Gordon, assisted by Deloitte, prepared to distribute the settlement funds to each registered Group Member who is eligible for compensation.
Deloitte is one of Australia’s leading professional services firms and is assisting Slater and Gordon to provide settlement administration services.
Group Members had until Wednesday, 11 August 2023, to appeal the settlement decision. The appeal period has now passed.
Each eligible Group Member who has successfully registered for compensation was paid their portion from the settlement fund.
The first phase of the payment process was completed in late December 2023 to early January 2024. Group members whose payments were withheld or failed due to invalid bank account details were provided with an additional opportunity to amend their details in April-May 2024. Final payments were then completed in late June 2024.
The settlement distribution is now complete.
Frequently Asked Questions
The deadline for Group Members to register their interest to receive compensation was 9 April 2023. This deadline was imposed by the Court. As such, the registration portal has now closed.
The ANZ CCI Class Action has settled for $47 million. The Federal Court of Australia approved the settlement on 21 June 2023, following the Settlement Approval Hearing held on 16 June 2023.
- On 28 February 2020, Slater and Gordon filed a class action against Australia and New Zealand Banking Group, OnePath Life, OnePath General Insurance and QBE Insurance (Australia) (together, the Respondents) in the Federal Court of Australia on behalf of persons who held CCI for their ANZ credit card or personal loan, namely:
- ANZ Credit Card Insurance/CreditCover Plus; and
- ANZ Loan Protection.
The class action is based upon allegations that the Respondents:
- caused customers to make payments as a result of a mistaken belief their policy was compulsory or provided value to them;
- engaged in misleading or deceptive conduct in relation to the sale of the policies to customers;
- engaged in unconscionable conduct in relation to the sale and issue of the policies to customers by, among other things, selling or issuing policies with no or little value;
- in respect of ANZ only, provided inappropriate personal advice to some customers who purchased the policies in a bank branch or over the telephone.
Payments to eligible Group Members who provided valid bank account details were processed in late December 2023, early January 2024 or late June 2024.
The Federal Court of Australia approved the settlement of this class action on 23 June 2023 by orders available here. All deadlines to appeal or review your outcome have passed and settlement distribution payments have been made. There are no further grounds for appeals or disputes over individual settlement amounts.
Group members were previously provided an opportunity to appeal or review their outcome by:
- requesting a review of their Notice of Estimated Distribution within 21 days of receiving their notice;
- objecting to the settlement by filing a Notice of Objection with the Federal Court of Australia by 1 May 2023 and/or by attending the settlement approval hearing on 23 June 2023;
- appealing the Federal Court of Australia’s decision to approve the settlement by 11 August 2023.
Key documents
For more information regarding the ANZ CCI Class Action, please refer to the following documents:
- Further Amended Statement of Claim
- Amended Originating Application
- Opt Out and Commencement Notice
- Court Orders dated 19 October 2020
- Reasons for Judgement of Justice O’Bryan dated 19 October 2020
- Court Orders dated 5 November 2020
- Reasons for Judgement of Justice O’Bryan dated 5 November 2020
- Notice of Objection to Proposed Settlement
- Court Orders re Notice of Settlement dated 7 December 2022
- Revised Settlement Distribution Scheme
- Court Orders dated 23 June 2023