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Leading class action law firm Slater and Gordon has agreed a $49.5-million settlement with NAB and MLC Limited in its class action over consumer credit insurance for credit cards and personal loans. The agreement to settle is subject to Federal Court approval.

If approved by the Court, the settlement will benefit tens of thousands of Australians.

Slater and Gordon Practice Group Leader Andrew Paull said: “Slater and Gordon is extremely proud to have settled the first consumer class action arising out of the Banking Royal Commission.”

“A $49.5 million settlement is a terrific result for the tens of thousands of people who fall within the class.”

“If any NAB customers think that they have been paying for either NAB Credit Card Cover or NAB Personal Loan Cover, we’d encourage them to register their details on our website.”

The proposed settlement will be presented to the Federal Court for approval, and class members will shortly receive a Court notice with further details of the proposed settlement.

Affected NAB customers can obtain further information and register their claims at www.slatergordon.com.au/nabcci

The class action was conducted by Slater and Gordon on a No Win, No Fee basis.

Media Contact Therese Allaoui (03) 9602 6844 / 0428 994 937