Several difficulties, including late registrants with administrative concerns and a “controversial” holdback sum, were discovered during the finalization of Westpac’s $29 million class action settlement. The Westpac Class Action Payout will be paid and cleared expected in February 2024.
Westpac Class Action Payout Date
Shine Lawyers settled the Westpac Life Insurance Class Action in March 2021, allowing thousands of Westpac customers who suffered financial losses to receive compensation.
The Federal Court of Australia accepted the settlement and distribution plan in August 2021. This plan specifies how the class action participants would be compensated.
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A settlement of $29 million has been authorized by the Federal Court in the Westpac Consumer Credit Insurance (CCI) Class Action. Following the Settlement Approval Hearing on June 21, 2023, the Federal Court issued orders approving the proposed settlement.
|Class Action Type
|Westpac Consumer Credit Insurance (CCI) Class Action
|Settlement Approval Date
|June 21, 2023
|Distribution Plan Approval Date
|Estimated Payout Date
|Initially scheduled for January 2024, now expected in February 2024
As previously announced, reimbursements for qualifying Westpac group members will be paid in January when the specific compensation amounts for each member are calculated in late December.
Now January has almost ended and the official date is not disclosed yet. So it’s expected that Westpac Class Action Payout will be clear in February 2024.
Westpac Class Action Payout
A $29 million settlement in the Westpac Consumer Credit Insurance (CCI) Class Action has been granted by the Federal Court. Each person will get a percentage of this amount, which will be distributed to them shortly.
A Notice of Estimated Distribution with an estimate of their expected pay was sent to Group Members who filed for compensation in May 2023.
The qualifying group members’ individual compensation amounts were calculated in late December, and although payments were initially scheduled to be executed in January, the current estimate is for February 2024.
It is difficult to predict with certainty how long the distribution will take to finish because bank processing schedules are affected by public holidays. Payments will be handled in batches of 10,000 per day.
Westpac Class Action Payout Eligibility
You may be eligible to participate in the Westpac CCI Class Action and receive compensation under the approved Settlement Distribution Scheme if, after any claims, refunds, and/or remediation that may have been paid to you, you have paid at least $10 in premiums for one or more credit card or personal loan insurance policies.
In the Westpac CCI Class Action, you are a Group Member if you:
- Bought one or more insurance plans for a Westpac credit card, flex loan, or personal loan on or after January 1, 2010.
- Have purchased one or more of those plans with premium money.
- Haven’t gotten any reimbursements, claims, or repairs worth more than the premiums you paid.
About Westpac Class Action
On behalf of those who held CCI for their Westpac credit card, flexi loan, or personal loan that is, Westpac Credit Card Repayment Protection, Westpac Flexi Loan Repayment Protection, and Westpac Personal Loan Protection Slater and Gordon filed a class action against Westpac, Westpac Life, and Westpac General (collectively, the Respondents) in the Federal Court of Australia on February 28, 2020.
The claims that the Respondents are who participated in dishonest or fraudulent behavior (having neglected to tell certain clients that the policies were voluntary, for instance), some consumers’ false impressions that the insurance were valuable or voluntary led to them being forced to make payments.
Participated in unethical behavior by, among other things, utilizing “unfair tactics” to arrange the policy’s issuance and failing to provide customers with enough time to decide if the policies were appropriate for them; additionally, unlawfully offered personalized advice to certain customers who bought the policies in a bank branch or over the phone after February 28, 2014.