Slater & Gordon filed a lawsuit against Commonwealth Bank of Australia (CBA) and Colonial Mutual Life Assurance Society Limited in June 2020 on behalf of clients who were offered worthless consumer credit insurances with their Commonwealth Bank credit card or CBA personal loan.
The CBA CCI class action is predicated on accusations that the Respondents engaged in unconscionable behavior, failed to operate in the best interests of clients who purchased the products, and offered incorrect advice.
A class action is a sort of judicial process in which a person (the applicant or plaintiff) pursues a claim against a respondent on behalf of a larger group of persons.
Consumers may be able to achieve a greater refund if they opt-out of the class action and instead use refunds, or if they pursue the refund through the firm’s dispute resolution channel.
Previous class actions for junk insurance resulted in participants receiving far less than they were charged. Swann Insurance Class Action, for example, was recently resolved, with participants receiving $90,147 million. Insurance Australia Group calculated that the class action may have been valued up to $1 billion, implying that participants could have received less than ten cents on the dollar.
You can pursue a complete refund (plus interest costs) if you pursue a refund separately, whereas a class action normally settles on an amount that is distributed amongst participants.
Class actions can potentially take up to three years to resolve, but eRefunds settle the majority of claims in three months.
If you do not wish to participate in this class action, you must opt-out before the deadline. Anyone who did not wish to participate in the class action would have had to fill out an opt-out form and send it to the appropriate Federal or Supreme Court by that date.
If you opted out, you are no longer a part of this class action. As a result, the decision of the lawsuit will have no bearing on you. You will be able to make your own claim and so be eligible for more compensation.
Opt-out models are used in Australian class actions. This implies that whether they meant to or not, everyone affected by the occurrence or scenario becomes a participant of the class action.
Unless they opt out of the proceedings, these members are legally obligated by the court’s ruling or settlement.
Thousands of subscribers do not get their opt-out notice because their addresses have changed, and they do not register for compensation in time, preventing them from receiving a return on junk insurance.
Are You Eligible to Get Refund?
If you fulfill the following two requirements, you may be eligible for a refund:
In addition, you should have gotten the notification that you are eligible for the class action. In particular, in November of last year, the Federal Court of Australia issued an order alerting everyone who acquired and paid for one of two forms of consumer credit insurance: Personal Loan Protection and Credit Card Plus.
No, this class action is being conducted on a No Win, No Fee basis, which means that class members will not be compelled to contribute to the legal fees unless the class action is successful.
If the class action fails, Slater and Gordon will not charge legal fees, and no group members would be obligated to pay any legal fees. If the class action is successful, the Court may be petitioned to allow reasonable legal expenses to be deducted on a pro-rata basis from any settlement or judgment achieved. This implies that if you join the class action and stay a group member, you will never have to pay legal fees.
If you opt-in, you relinquish your right to file a direct complaint if you are dissatisfied with the refund amount. Any settlement payments you are entitled to will be split with all of the other members of the group, with some members receiving more than others – plus deductions for attorneys’ fees and court expenses.
We fight on your behalf as an individual on all insurances (not just class action ones) to collect the full return you are entitled to! Class actions can take years to be approved and litigated, but our refund claims can be resolved in a matter of weeks!
Depending on the intricacy of your specific situation, your refund claim can be resolved in less than 60 days after opting out.
In Australia, class actions are typically initiated on a ‘opt out’ basis, which means that the Court assumes you want to be a part of the class action unless you actively take steps to remove yourself from the proceeding, such as by completing an ‘opt out’ notice informing the Court that you do not want to participate.
On February 16, 2021, the Federal Court of Australia issued directions requiring group members to take measures to withdraw themselves from the process (known as “opting out”). The opt-out date was 4.00 pm AEDT on April 9, 2021 (Opt-Out Deadline), which has already passed.
If you choose to opt-out of the process, you are no longer a member of the group or a participant in the class action. This means you will be ineligible for any benefits or compensation received through the class action. You will, however, be able to file your own claim against CBA and its insurers if you so want.
When you sign up, there are no fees or hidden costs that come into play. It saves you money compared to a class action. Once you get your money back, Get My Refund will take all the steps needed to get an ANZ refund. There is no need for a lawyer, and everything goes through us. It is amazing! The process is easy and fast without any hassle or complications along the way.
This article is not intended to be legal or financial advice. Any material in this post is intended to educate customers who wish to learn more about class actions. All information is of a generic nature. eRefunds is not liable for any loss resulting from the use of, or reliance on, the information given directly or indirectly by using this service, whether caused by negligence or otherwise. Think about whether the service is suitable for you. Seek independent legal counsel if you are unsure.
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