Tens of thousands of National Australia Bank customers will be refunded the money after they were sold ‘junk’ credit card and personal loan insurance.
More than 45,000 Australians, mainly students, pensioners and insecure workers, will receive their share of a $49.5 million settlement against NAB and its subsidiary MLC Limited after a lengthy class-action suit, first launched in September 2018.
Slater and Gordon confirmed those sold worthless insurance in the NAB case included people with disabilities, suffering from a chronic illness, unemployed or ineligible to claim.
The highest amount received by a client of Slater and Gordon is $36,000 with the average between $1,000 and $2,000.
About 5000 class action members are still yet to receive their share of the remaining $4.9million in compensation and will do so in coming days.