November 20, 2019 / 5:24 AM / 3 months ago

Australian lender NAB in $33.7-mln settlement of insurance class action

Nov 20 (Reuters) - National Australia Bank Ltd 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 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) (Reporting by Niyati Shetty in Bengaluru; Editing by Clarence Fernandez)

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