A judge has questioned whether he should sign off on a $49.5 million settlement in a class action against National Australia Bank over allegedly worthless credit card insurance, which he said had a “fundamental flaw” because it did not contain a provision automatically cancelling group members’ policies.
Facing a class action by shareholders alleging negligence over advice to Slater & Gordon, law firm Arnold Bloch Leibler is bringing proceedings against its former client to use files in defence of the case.
Companies and other defendants forked over big sums last year to settle more than 20 class actions, with a total of at least $734 million being paid out. Here are the top 10 class action settlements and the law firms and funders that negotiated them.
A judge on Tuesday questioned how elderly group members struggling with the digital age can register in a ‘junk’ insurance class action against National Australia Bank, amid the postponement of hearing to approve the $49.5 million settlement reached in the case.
The National Australia Bank and insurer MLC have agreed to pay $49.5 million to settle a class action over allegedly worthless credit card insurance.
The hearing for a class action against National Australia Bank over allegedly worthless credit card insurance will focus on whether the bank’s allegedly unconscionable behaviour in selling these policies was systemic or confined to individual cases.