Nov 20 (Reuters) - National Australia Bank Ltd (NAB) on Wednesday said it reached a A$49.5-million ($33.74-million) settlement for a class action lawsuit over the sale of worthless insurance policies to customers for their credit cards.
The class action was filed by law firm Slater & Gordon (SGH) last year.
"NAB no longer sells Consumer Credit Insurance (CCI) products through any of its banking channels, and has implemented a remediation program," said Sharon Cook, the bank's chief legal and commercial counsel.
In a statement, NAB said the payment was pending approval from the Federal Court, but it had made provision for the amount in its financial statements for fiscal 2019. ($1=1.4671 Australian dollars)
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Last
$48.60 |
Change
0.080(0.16%) |
Mkt cap ! $19.79B | |||
| Open | High | Low | Value | Volume |
| $49.45 | $49.64 | $48.44 | $7.365M | 148.4K |
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| No. | Vol. | Price($) |
|---|---|---|
| 9 | 121 | $48.60 |
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| Price($) | Vol. | No. |
|---|---|---|
| $48.61 | 164 | 12 |
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