Class action settlements totalling more than $126 million have been agreed over the sale of consumer credit insurance sold by Commonwealth Bank of Australia (CBA), ANZ and Westpac, legal firm Slater & Gordon says.
The settlements, subject to court approval and reached without admission of wrongdoing, are expected to result in up to 1 million customers being eligible to receive compensation, the law firm said today.
The CBA settlement for $50 million also involves defendants the Colonial Mutual Life Assurance Society and AIA Australia, the bank said in a statement today.
In the ANZ class action, a $47 million settlement was reached, with Slater & Gordon listing insurers as OnePath Life, OnePath General Insurance, Zurich and QBE.
ANZ says in a statement that it will contribute $42 million to the settlement, which relates to the sale of three products.
The Westpac settlement of $29 million lists insurers as Westpac Life Insurance and Westpac General Insurance.
Slater & Gordon says bank customers eligible for a share in the settlements will be contacted in due course and it expects distribution of funds will take place in the middle of next year
“Taking on the big banks was never going to be easy but we are pleased that we have been able to resolve these group proceedings and that eligible customers will benefit,” Class Actions Senior Associate Alex Blennerhassett said.
“Class actions are one way people can take on big corporations, including Australia’s Big Four banks.”
The law firm launched the three actions in 2020 over cases where customers were sold insurance related to credit cards or loans when they may have been ineligible or were unlikely to be able to make a claim because they were already unemployed or had pre-existing health conditions or disabilities.
Some may have never provided consent to purchase the policies, were not informed that the insurance was optional or were not informed that they would have to pay, the law firm says.
Slater & Gordon also initiated a class action during the Hayne royal commission, against National Australia Bank and MLC over consumer credit insurance policies on behalf of 50,000 customers. A $49.5 million settlement was reached in November 2019.
12 thoughts on “CBA, ANZ, Westpac settle CCI class actions for $126 million – Corporate – Insurance News”
Totally- one shouldn’t overlook this inequality any more. So what now?
Does your site have a contact page? I’m having problems locating it but, I’d like to shoot you an e-mail. I’ve got some ideas for your blog you might be interested in hearing. Either way, great blog and I look forward to seeing it develop over time.
Definitely, what a magnificent site and enlightening posts, I will bookmark your site.All the Best!
Good web site! I really love how it is simple on my eyes and the data are well written. I’m wondering how I could be notified when a new post has been made. I have subscribed to your RSS which must do the trick! Have a great day!
I like this! good read, but I don’t know where to start. Which of your posts would you suggest I read next?
I simply needed to appreciate you once again. I’m not certain what I might have used in the absence of the type of techniques discussed by you on my situation. It previously was a very troublesome situation in my circumstances, however , seeing the very well-written way you managed that made me to jump for delight. I am just thankful for this information and trust you find out what a great job you’re getting into educating the others using your blog. I am sure you have never come across any of us.
WONDERFUL Post.thanks for share..extra wait .. ?
Thank you for the good writeup. It in fact was a amusement account it. Look advanced to more added agreeable from you! By the way, how can we communicate?
There is noticeably a lot to identify about this. I suppose you made certain nice points in features also.
Your attitude should be accepted as the benchmark when discussing this topic.
Are you gonna to volunteer more on this post?
I’m sure you may be downplaying some of your more controversial details, but I for
one, like reading them 🙂
One other issue is that if you are in a circumstance where you do not have a cosigner then you may want to try to wear out all of your educational funding options. You can find many grants and other scholarships and grants that will offer you funding to assist with institution expenses. Thanks a lot for the post.