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In 2020, Slater and Gordon reached a $49.5 million settlement in a class action involving MLC Limited (MLC) and National Australian Bank (NAB) as a representative of the customers who were misled into purchasing consumer credit insurance (CCI) for their personal loan or credit card.
On September 26, 2018, Slater and Gordon initiated a class action in the Federal Court of Australia against MLC and NAB on behalf of everyone who utilized CCI for their credit card or personal loan, which includes the following individuals:
The action alleged that NAB and MLC acted unethically by marketing CCI to persons who could not claim under the terms of the insurance policy or were otherwise unlikely to profit from it. It was also stated that NAB had operated deceptively and dishonestly in how CCI was made available to individuals. The main purpose of this class action is to get a NAB consumer credit refund.
Thousands of members may not have got their opt-in notification because they changed addresses or did not register for compensation in time, which means they may be unable to claim a NAB consumer credit insurance refund. This is because, unless they opted out of the proceedings, members are legally obligated by the court’s ruling or settlement.
If you have any inquiries or issues concerning the NAB CCI class action, you must contact Slater and Gordon’s legal firm.
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 NAB credit card insurance class action. Unless they opt out of the proceedings, these members are legally obligated by the court’s ruling or settlement.
DISCLAIMER: 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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