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.
National Australia Bank’s “grossly deficient” systems and failure to swiftly bring its processes into compliance prompted ASIC to launch its second fees-for-no-service case against the bank, the Federal Court has heard.
Six of Australia’s biggest financial services institutions have so far paid or offered $749.7 million in compensation to hundreds of thousands of customers who were provided with non compliant financial advice or charged fees for no service, but the refunds to date are just the tip of the iceberg.
A former Adelaide financial advisor that worked for a subsidiary of National Australia Bank has lost his bid for a temporary stay of a five-year ban for allegedly recommending that clients invest in failed fintech start-up Bux Global, after arguing the bad publicity could negatively affect the impending sale of his business.
A year after Commissioner Kenneth Hayne released his scathing report, companies in the financial services sector are still facing fresh class actions over conduct aired at the banking royal commission, and the pace has even picked up in recent months.
Two National Australia Bank units have been hit with a class action alleging they violated their duties as superannuation trustees by allegedly failing to transfer members to funds with lower fees.
National Australia Bank will be hit this year with an estimated $750 million in fines stemming from its fees for no service conduct and potential breaches of money laundering laws, analysts have predicted.
The Australian Securities and Investments Commission has taken legal action against National Australia Bank alleging thousands of violations of the law through its fees for no service conduct, exposing the bank to the risk of significant penalties.
There is a “reasonable chance” that two shareholder class actions against failed electronics retailer Dick Smith will settle by February of next year, group members have learned.