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440,000 Australians now eligible for ANZ insurance class action

By Tony Zhang
  • December 07 2020
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Invest

440,000 Australians now eligible for ANZ insurance class action

By Tony Zhang
December 07 2020

More than 440,000 Australians have received notice from the Federal Court advising that they may be eligible to be part of Slater and Gordon’s consumer credit class action against ANZ and insurers OnePath and QBE.

ANZ

440,000 Australians now eligible for ANZ insurance class action

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By Tony Zhang
  • December 07 2020
  • Share

More than 440,000 Australians have received notice from the Federal Court advising that they may be eligible to be part of Slater and Gordon’s consumer credit class action against ANZ and insurers OnePath and QBE.

ANZ

Slater and Gordon is representing hundreds of thousands of ANZ customers who were sold “junk” credit card and personal loan insurance that was of little or no value, and that many customers would never have been eligible to claim against.

“Today’s mail-out to hundreds of thousands of people will bring the total number of court-ordered notices in the Get Your Insurance Back campaign to more than 1.2 million people across Australia,” Slater and Gordon practice group leader Andrew Paull said.

The insurance was often sold to people with disabilities, people who were unemployed or people who were chronically ill and therefore likely ineligible to claim. The class action alleges that many people were led to believe that the insurance was compulsory or free, while others didn’t even know they had been sold it.

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The class action is one of four class actions in the #GetYourInsuranceBack campaign. It was filed in the Federal Court in February 2020 along with another targeting Westpac. The class action filed in June against Commonwealth Bank rounds up the campaign, alleging the big four bank sold its customers “junk” credit card and personal loan insurance.

The Federal Court previously also notified 368,000 Australians who may be eligible to join Slater’s class action targeting Westpac.

Mr Paull had said he hoped the class action would help the customers get their money back, while keeping corporate giants honest.

“For too long, banks have abused their power by selling junk insurance products, adding thousands to customers credit card bills or personal loan repayments while providing little or no benefits,” he said.

“This is reprehensible behaviour by the bank, which has chosen to compensate only a negligible portion of its customers, despite their admission that they knew the insurance was worthless.”

It comes as Slater and Gordon settled a similar class action in late 2019 that also alleged NAB customers had been mis-sold personal loan and credit card insurance, which saw 50,000 NAB customers compensated $49.5 million.

440,000 Australians now eligible for ANZ insurance class action
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