On 8 May 2020, Justice Lee of the Federal Court approved the $49.5 million settlement with NAB and MLC Limited in its class action over the sale of credit card and personal loan CCI products.
The proceeding has now been finalised. All settlement payments to Group Members have been distributed.
Frequently Asked Questions
On 26 September 2018, Slater and Gordon filed a class action against NAB and MLC Limited in the Federal Court of Australia on behalf of persons who held CCI for their credit card or personal loan, namely:
- NAB Credit Card Cover (NAB Cover) at any time since 26 September 2012; and/or
- NAB Personal Loan Cover (NAB PLC) at any time since 13 June 2013.
The claim was based upon allegations that NAB and MLC had engaged in unconscionable conduct by selling CCI to persons who were ineligible to claim under the terms of, or otherwise highly unlikely to benefit from, the insurance policy. It was also alleged that NAB had engaged in misleading and deceptive conduct in relation to the way CCI was sold to persons.
We confirm that registrations for the NAB CCI Class Action are closed and that no new group members may be added.
The Federal Court ordered that all eligible group members had to have registered by 27 April 2020. Registration for group members to confirm their eligibility to receive compensation took place in early March to late April 2020, and is now closed. You must have registered in order to participate in the settlement.
If you have not already registered, then you are unable to do so now. This means you will not be entitled to compensation under this class action, even if you meet the definition of group member as set out in the Second Further Amended Statement of Claim.
If you have not previously cancelled your policy or it has not otherwise ceased, your policy will continue, including your liability under that policy to pay premiums (in accordance with the policy terms), despite the settlement being approved by the Federal Court.
If you have any questions about your policy (or wish to enquire about cancelling your policy), you should call MLC on 13 22 95 or email MLC on CCIenquiries@mlcinsurance.com.au. If you send an email, MLC may contact you, including verifying your identity.
For more information regarding the NAB CCI Class Action, please refer to the following documents: