What was the NAB CCI Class Action about?
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.
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.
For more information regarding the NAB CCI Class Action, please refer to the following documents: