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Australian court says over 400,000 NAB customers eligible for class action

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Australian court says over 400,000 NAB customers eligible for class action

More than 400,000 customers of National Australia Bank Ltd. and unit MLC Ltd. are eligible to be part of a class action against the two companies over allegedly improper sales of credit card and personal loan insurance products.

Law firm Slater and Gordon said Aug. 9 that the Australian Federal Court sent notices to those customers advising them that they are eligible to be part of the class action. The firm described in an Aug. 9 statement the court's decision as "one of the largest court-ordered notices in Australian legal history."

Slater and Gordon commenced a class action against the bank in 2018 after revelation of misconduct by the royal commission. The suit is based on allegations that NAB engaged in misleading sales of insurance to cardholders who were ineligible to claim under the terms of the policy.