National Australia Bank is set to settle a class action case which could see 30,000 customers compensated with $40 million.
The case against the bank, which argues that customers were charged with excessive credit card fees, has been going since 2011.
The Herald Sun reports a final settlement will be negotiated calculated based on the number of people who have eligible claims.
Maurice Blackburn, who is leading the class action, says if NAB goes ahead with the settlement it would set a precedent for other Australian banks facing similar cases.
He estimates other class actions could affect up to 45,000 Commonwealth Bank customers, 38,000 ANZ customers and 30,000 Westpac customers.
In a statement released today, NAB CEO Andrew Thorburn said “NAB is doing this because we believe this is the right thing to do for our customers and our business.”
“We know that banking customers want to be treated fairly, which is why five years ago NAB made the decision to remove many of the fees and charges that annoy customers the most,” he said.
NAB has invited customers wanting to join the class action and participate in any potential settlement to register through Financial Redress, a subsidiary of the company funding the bank fees class actions against all the majors.
Read more here.
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