Posted on 09 Aug 2019
Almost half a million Australians will today receive notice from the Federal Court advising they may be eligible to be part of Slater and Gordon’s NAB consumer credit class action.
This means that at least one in every 50 adult Australians will receive the notice.
Slater and Gordon is representing potentially hundreds of thousands of NAB customers who were sold junk credit card and personal loan insurance that was of little or no value, and that many customers would never have been eligible to claim against.
The class action, issued in 2018 on the back of the Banking Royal Commission, is based on allegations that NAB engaged in unconscionable conduct and misleading and deceptive conduct.
Practice Group Leader Andrew Paull said this was one of the largest court-ordered notices in Australian legal history.
“NAB will have to contact over 400,000 of the customers on their databases today, informing them that this class action exists, that the bank is accused of contravening the law and telling them what they have to do to be involved,” Mr Paull said.
“If you are – or have been – a NAB customer in the past, keep an eye out for this letter which will advise you of how to register your interest in participating in the class action,” Mr Paull said.
“NAB knows that using pushy tactics and pressuring vulnerable customers into buying worthless insurance was wrong. They did it anyway, and collected millions of dollars in unwarranted premiums in the process.”
Mr Paull said the letter would also give customers the option of opting out of the class action, if they wished.
Slater and Gordon was in June granted leave by the Federal Court to expand the claim beyond credit card customers, to include people who were sold a similar type of insurance for personal loans.
The class action is being run on a No Win No Fee basis.
Media Contact Therese Allaoui (03) 9602 6844 / 0428 994 937