Consumer Credit Insurance Class Action Settlement - ANZ, CBA, Westpac

What Happened

Three major Australian banks - ANZ, Commonwealth Bank (CBA), and Westpac - have reached settlements totalling $126 million over Consumer Credit Insurance (CCI) products sold to customers. The Federal Court has approved these settlements, which relate to allegations about how these insurance products were sold and marketed to bank customers.

Who May Be Eligible

You may be eligible if you: - Purchased Consumer Credit Insurance from ANZ, CBA, or Westpac - Were a customer during the relevant time periods covered by each bank's settlement - Meet the specific criteria outlined in each bank's class action

How Much Could You Receive

The total settlement amounts are: - ANZ: $47 million - CBA: $50 million
- Westpac: $29 million

Individual compensation amounts will vary depending on your specific circumstances and insurance purchases. With over 200,000 group members across all three actions, individual payments will be calculated based on each person's situation.

How to Claim

Note: The settlements are closed and the distribution process is currently underway.

If you previously registered: 1. Wait for email communications from Slater and Gordon regarding your payment status 2. Check the email address you provided during registration for important updates 3. If your payment has been delayed, you'll receive instructions on providing updated bank details 4. Follow any additional steps outlined in official communications

Important Dates

• Settlement approvals: ANZ and Westpac (June 2023), CBA (September 2023)
• Payment distribution: Currently ongoing
• Further communications: Expected in coming weeks for delayed payments