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.