Federal Court approves class action settlement



The Federal Court of Australia has approved the settlement of a class action brought against NAB and MLC Ltd by Slater & Gordon in relation to Consumer Credit Insurance (CCI) products.

The proceedings were commenced in September 2018 against NAB and MLC Ltd and related to two CCI products, NAB Credit Card Cover (NCCC) and NAB Personal Loan Cover (PLC). NAB no longer sells CCI products.

The settlement involves a payment of $49.5 million.

NAB Chief Legal and Commercial Counsel, Sharon Cook said: “We are pleased with the Federal Court’s decision and to be able to resolve this matter for our customers and shareholders.

“As we have acknowledged, it is important to resolve past issues so that we can rebuild trust with our customers and the community.”

Settlement payments to any individual class members will be managed by Slater & Gordon. Customers with questions regarding the class action are advised to contact Slater & Gordon via email at nabcci@slatergordon.com.au or by calling 1800 071 827.



Related Articles

  • Half Year Results

Video: NAB CEO Andrew Irvine discusses 2024 Half Year Result

In this video interview NAB CEO Andrew Irvine reflects on NAB’s 2024 Half Year Results, economic conditions and the bank’s strategic direction.

  • 02.05.2024
  • Time to read 1 min read
  • Half Year Results

NAB announces 2024 Half Year Results

NAB has today released its 2024 Half Year Results to the market.

  • 02.05.2024
  • Time to read 1 min read
  • Executive Team

NAB Executive Leadership Team changes

National Australia Bank Group Chief Executive Officer Andrew Irvine has announced changes to NAB’s Executive Leadership Team.

  • 10.04.2024
  • Time to read 2 min read

Quick links

National Australia Bank — NAB

Sometimes When The Unexpected Happens, We Realise What We Truly Value. Whether A Home, Farm, Business Or Your Passion, NAB Is Here To Support You.

Business Research and Insights

For more business news and analysis, visit NAB’s Business Research and Insights.