A judge has signed off on a $49.5 million settlement in a class action against National Australia Bank over ājunk insuranceā, including millions in fees for the firm that brought the case on a no-win, no-fee basis, despite calling the settlement sum a āsubstantial compromiseā.
A judge overseeing a class action against National Australia Bank over ājunk insuranceā has ordered that potential group members be given information about cancelling the policies, but not before taking the applicants to task for not having the polices automatically cancelled as part of the $49.5 million settlement.
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.
The Australian Securities and Investments Commission formed the view that Dover Financial’s “Orwellian” client protection policy was misleading in 2016 but did not raise its concerns with the now defunct firm until 2018, a court has heard.
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.Ā
Defunct Dover Financial, which faces a penalty hearing next year after it was found to have misled customers with an inaptly titled āclient protection policyā, can bring an application for evidence from the corporate regulator that the policy did not harm anyone.
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 Australian Securities and Investments Commission has won its case against defunct financial advisor Dover Financial and its former director, who famously collapsed during the banking royal commission, with a judge saying the company engaged in misleading and deceptive conduct through its inaptly titled āclient protection policyā.
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 onĀ whether the bank’s allegedly unconscionable behaviour in selling these policies was systemic or confined to individual cases.