More than 45,000 Australians have received their share of a $49.5 million settlement against National Australia Bank (NAB) after the bank allegedly sold them “junk” insurance, law firm Slater and Gordon announced.
In September 2018, Slater and Gordon launched a class action against NAB following allegations that the bank mis-sold insurance for credit cards and personal loans to vulnerable customers. The bank settled the lawsuit in November of last year.
According to Slater and Gordon, it is the first time since the Banking Royal Commission that customers who have been ‘ripped off’ by large corporations have received compensation. David Barda, senior associate at Slater and Gordon, said the money had come “at a critical time for many Australians who have lost their jobs or are experiencing hardship because of COVID-19.”
“We are pleased we can finally mark the end of this class action against NAB with a positive result for tens of thousands of Australians who will today wake up with a bit of extra money in their bank accounts,” said Barda. “Class actions are often the only way people have the means through which to take on big business when they have been hurt or ripped off – the NAB class action has meant almost 50,000 people have today received what was rightfully owed to them, without having to do much more than fill out a couple of short forms.”