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Legal actions in the form of a Class Action were initiated against Westpac customers who were deemed to have been provided worthless consumer credit insurances with their Westpac credit card, Flexi loan, or personal loan in September 2020.
The Westpac CCI class action was based on allegations that the Respondents engaged in deceptive and misleading behavior; led customers to make payments under the mistaken belief that they were not optional or provided value; involved in unethical behavior; and unlawfully provided personal advice to customers who purchased the policies.
Westpac customers have been able to purchase the following consumer credit insurance policies:
You may be a class member if, from January 1, 2010, you:
The Westpac class action was brought in response to the Banking Royal Commission’s findings in 2017 that some financial institutions were using unfair techniques to promote superfluous CCI (Consumer Credit Insurance) policies to consumers who were unable or unlikely to make claims.
Consumers are occasionally overlooked throughout this procedure, mainly due to misplaced facts or personal contact information changes. A class action suit does not result in a payment of your whole premium. It is likewise limited to certain items, and the rewards are divided among all group members.
In Australia, class actions follow the opt-out paradigm. According to the law, all people harmed are immediately members of the applicable class action. Members will be legally obligated by the settlement or court ruling unless they have opted out of the proceedings. Group members will not comment on settlement proposals, settlement sum amounts, or how much is split with all other group members. They will forgo their ability ever directly to complain.
In contrast to opting out, you are unlikely to get a portion of any collective settlement total if you do not opt-in. This remains a concern since receivers are not informed that they are participants of the class action because they do not get a notification.
If you do not wish to participate in this class action, you must opt-out before the deadline. Anyone who did not want 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. This is something else we can assist you with.
If you opted out, you are no longer a part of this Westpac CCI class action. As a result, the decision of the lawsuit will have no bearing on you. You will be able to make your claim and so be eligible for more compensation.
A class action is a lawsuit initiated by a group of plaintiffs who the defendant wronged. This is sometimes referred to as multi-district litigation or mass tort litigation.
In addition to the claimant attorneys, bringing a case as a group allows for the aggregation of witnesses, evidence, and other parts of litigation for increased efficiency.
If you are 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 group members, with some members receiving more than others – plus deductions for attorneys’ fees and court expenses.
Consumers may be able to earn a greater refund if they opt-out of the class action and instead use eRefunds, 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, for example, recently resolved a junk insurance class action for $138 million, even though the total costs were close to $1 billion. Members may get one-tenth of what they were charged after legal expenses are subtracted from the settlement amount. You can pursue a complete refund (plus interest costs) if you pursue a refund separately, whereas a class action normally settles on an amount distributed amongst participants. Class actions might take up to three years to resolve.
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 weeks!
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 generic. 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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