Federal Court approves $50 million settlement. The Federal Court approved the settlement on 15 September 2023 after the Settlement Approval Hearing on 4 August 2023. CBA Class Action Payout Date will occur in February and March 2024.
CBA Class Action Payout Date
A settlement of $47 million has been authorized by the Federal Court in the ANZ Consumer Credit Insurance (CCI) Class Action. Following the Settlement Approval Hearing on June 16, 2023, the Federal Court issued orders approving the proposed settlement on June 21, 2023.
The Westpac Consumer Credit Insurance (CCI) Class Action has been awarded a $29 million settlement by the Federal Court. In the aftermath of the June 21, 2023, Settlement Approval Hearing, the Federal Court issued orders approving the proposed settlement.
A $50 million settlement in the CBA CCI Class Action has been granted by the Federal Court. Following the Settlement Approval Hearing on August 4, 2023, the Federal Court issued orders approving the settlement on September 15, 2023. In February and March of 2024, CBA clients will get their payments.
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Distribution of CBA Settlement Funds
The class action team is in the process of arranging the settlement money distribution to almost 200,000 group members involved in the consumer insurance cases against CBA, Westpac, and ANZ.
We anticipate finishing the process of calculating each qualified ANZ customer’s unique compensation amount by mid-December, with payments starting in late December. The qualifying Westpac group members’ compensation amounts will be calculated in late December, and payments will be disbursed in January.
The precise dates at which each payment will be received in bank accounts cannot be guaranteed since bank processing schedules are affected by public holidays and Christmas, settlements will be processed daily in increments of 10,000.
In February and March of 2024, CBA clients will get their payments. As we work to deliver to hundreds of thousands of Australians over the following several months, we appreciate your patience. You may be confident that group members will get any interest that accrues on the distribution of money throughout this procedure.
How long will the settlement distribution take?
We anticipate that by the end of January, the qualified group members’ compensation amounts will have been determined, and payments will start in February.
Ten thousand payments will be handled each day in stages. It is difficult to pinpoint the precise dates on which individual payments will arrive in bank accounts since public holidays influence bank processing periods and because each payment must be approved by the bank you have designated.
What is the CBA CCI Class Action about?
Slater & Gordon launched a class action in the Federal Court of Australia on June 9, 2020, against CBA and Colonial (collectively, the Respondents), on behalf of those who held CCI for their CBA credit card or personal loan, specifically:
- CBA CreditCard Plus; and
- CBA Personal Loan Protection.
The claims that underlie the class action are that the Respondents:
- forced consumers to pay because they mistakenly believed their policy was required of them and that it added value to their life, or participated in dishonest or fraudulent behavior while selling clients insurance.
- participated in unethical behavior when it came to the selling and issuance of the policies to clients, including the sale or issuance of policies that had little or no value.
- illegally gave certain clients who bought the products over the phone or at a bank branch personal counsel
Who is Eligible for CBA Settlement?
In the CBA CCI Class Action, you can be considered a Group Member if, since January 1, 2010, you were:
- issued with a Personal Loan Protection or CBA CreditCard Plus coverage; have made a premium payment; and have not received full compensation for the damages you sustained as a consequence of the Respondent’s activities.
- Group Members had to register via the Portal to find out whether they qualify for compensation and, if so, how much they may get to take part in the CBA CCI Class Action settlement distribution.
Despite the above, kindly note that on May 29, 2023, at noon AEST, Group Members were required to declare their interest in receiving possible compensation. The Court set this deadline. The registration site has been closed as a result.