NAB customers who bought junk credit and personal loan insurance will have two months to register to receive their compensation.
In November last year, Slater and Gordon settled a class action against NAB for $49.5 million, after the bank sold worthless insurance to vulnerable customers. This is one of three class actions in the Get Your Insurance Back campaign.
At the request of the Federal Court, more than 350,000 NAB customers will today receive an email with instructions on how to apply for their compensation.
Slater and Gordon Associate David Barda said registrants would have until 27 April 2020 to register for their compensation through the court-ordered process, regardless of whether they had previously registered with the firm.
“This is the first time since the Banking Royal Commission that people will start receiving the compensation they are entitled to from a class action,” Mr Barda said.
“We are urging affected NAB customers to keep an eye on their emails for a notice addressed from the Federal Court in the coming days. This is where they will get information about how to apply for compensation.
“NAB customers will have until 27 April 2020 to register for their compensation, or they may miss out.”
Slater and Gordon anticipates compensation will start landing in people’s bank accounts from July.
Last week, Slater and Gordon filed two more class actions against ANZ and Westpac for selling junk consumer credit insurance. The class actions were filed in the Federal Court.