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This is a snip-it of the latest class action against NAB which was reported in the Australian Financial Review on the 27th September 2018.
NAB has been sued in a consumer class action for selling junk credit card insurance to students and welfare recipients, with more banks likely to be hit by similar actions.
Class action law firm Slater and Gordon said on Thursday it has filed a class action in the Federal Court against NAB and MLC for selling worthless credit card insurance to customers.
The action comes on the eve of the banking royal commission's interim report, which will identify policy issues in consumer credit.
The action alleges NAB and its wealth arm MLC acted unconscionably in breach of the Australian Securities and Investment Commission Act by pushing credit card insurance to customers who would be ineligible to claim the main benefits from the policy.
These customers included students, unemployed people and people on disability pensions.
Slater and Gordon is running the action on a no win, no fee basis and there is no litigation funder involved. It is also considering further actions against the other banks.
I hope this will help.