Around 368,000 eligible to join class action against big four bank

The Federal Court is sending notification to more than 368,000 Australians, advising that they may be eligible to be part of Slater and Gordon’s consumer credit class action against Westpac.

Slater and Gordon is representing hundreds of thousands of Westpac 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.

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.

The class action, which was issued after evidence emerged from the banking royal commission, is based on allegations that Westpac engaged in unconscionable conduct and misleading or deceptive conduct.

Slater and Gordon settled a similar class action late last year, where it also alleged that NAB customers had been mis-sold personal loan and credit card insurance, which saw 50,000 NAB customers compensated $49.5 million.

Slater and Gordon’s Andrew Paull said this latest class action was one of four in the #GetYourInsuranceBack campaign.

“Today, 368,000 customers identified in Westpac’s database will receive a notice advising them of the class action, and that Westpac have been accused of contravening the law,” Mr Paull said.

“The notice will contain personalised information about the recipient, confirming the products they held, and when they purchased them.

“We urge anyone who may have purchased credit card or personal loan insurance from Westpac to keep an eye out for this notice, and to sign up for the class action.”

Mr Paull said the letter would also give customers the option of opting out of the class action, if they wished.

“The banking royal commission exposed the blatant misbehaviour of the big banks, ripping off unsuspecting and trusting customers; this class action will hopefully get back the money taken from them when pressured into buying worthless products,” Mr Paull said.

Similar notices for the ongoing ANZ and Commonwealth Bank class actions over junk insurance are expected to be sent out in coming months.

Mr Paull explained that the Westpac class action was being run on a No Win No Fee basis.

To find out more about joining the class action, visit slatergordon.com.au

Has your bank tried to sell you junk insurance? Have you registered to join the class action against your bank?

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Written by Ben

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