Aug 26 (Reuters) - National Australia Bank (NAB) has been imposed a A$18.5 million ($13.44 million) penalty by a court for issuing incorrect fee disclosure statements or none at all.
The case was brought against NAB by the Australian Securities and Investment Commission in 2019. The country's third largest bank said it admitted to a number of breaches during the proceedings.
NAB has paid about A$31 million so far to 15,000 customers as part of its remediation plan, Sharon Cook, the bank's executive for legal and commercial services, said in a statement.
($1 = 1.3763 Australian dollars)
News: NAB National Australia Bank fined $13 mln over fee disclosure statements
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