Commonwealth, Westpac, And Anz Customers Will Receive A Generous Payout

Must Read

After a recent class action win against Australia’s major banks and insurance providers, hundreds of thousands of Australians may be eligible for compensation.

Law firm Slater and Gordon settled with Commonwealth Bank (CBA), ANZ, and Westpac for a total of $126 million. The credit insurance these customers were sold was not needed when they took out personal loans or credit cards.

Several customers who were sold insurance were ineligible for or unlikely to claim due to personal circumstances, such as being unemployed or having pre-existing health conditions or diabetes.

Slater and Gordon reported that others were not given consent to purchase the policies, told they were optional or made aware of being charged for the product.

The primary plaintiff in the CBA proceedings said that a bank employee told her if she didn’t take out the $25 monthly insurance policy, there was no guarantee that her loan would be approved. Even though she was ineligible to file a claim because she was unemployed and had been diagnosed with severe health conditions, including chronic fatigue syndrome and fibromyalgia, the representative insisted she pays for the coverage.

“I think the bank was fully aware we couldn’t take advantage of their products but sold them to us regardless,” a single mother of four spoke.

“I felt they took advantage of us because we were all vulnerable and needed loans.

“The fact that they profited from our behaviour for so long is inexcusable, and we deserve compensation.”

“Though it was never going to be easy, we’re glad that we could resolve these group proceedings and help eligible customers,” said Alex Blennerhassett, Slater and Gordon’s senior associate for class action suits.

“We hope this sends a message to the major banks and shows them that they can’t overcharge Australians and get away with it.

The Commonwealth, Westpac, and ANZ settlements bring total compensation for affected customers to $126 million in Australia.

- Advertisement -spot_img
Latest News
- Advertisement -spot_img

More Articles Like This

- Advertisement -spot_img