Updated on February 22, 2024
Learn about the 2024 CBA Class Action Payout: Eligibility, Online Application, and Dates. The Commonwealth Bank of Australia faces multiple class action payouts due to misleading conduct. Discover more about the CBA Class Action Payout Date 2024 and related details in this article.
CBA Class Action Payout Date 2024
In 2024, the Federal Court has given the green light to a $50 million settlement for eligible parties. The approval came during a hearing on August 4, 2023, with the court specifying that the CBA Class Action Payout Date is slated for February and March 2024. Of the total settlement, $47 million has been allocated for the ANZ Consumer Credit Insurance Class Action.
As part of this resolution, the Consumer Credit Insurance of Westpac Class Action has secured a $29 million settlement. The Federal Court has sanctioned the $50 million settlement for the Commonwealth Bank of Australia CCI Class Action, and clients can expect their federal payouts. This payout is set to benefit over 200,000 group members involved in the Consumer Insurance Action against CBA, ANZ, and Westpac.
CBA CCI Settlement Eligibility
Slater and Gordon initiated a class action for the CBA CII Settlement, representing individuals with CBA personal loans or credit cards. The class action centers around allegations regarding CBA CreditCard Plus and CBA Personal Loan Protection. In response, CBA and Colonial jointly addressed the matter in the Australian Federal Court.
Individuals eligible for the CBA Class Action Payout must fall within the following federal criteria:
- Provided misleading personal guidance to customers who purchased CBA policies over the phone after January 10, 2010, resulting in mistaken payment interpretations.
- Customers who were misled or deceived during the sale of policies.
- Engaged in unconscionable conduct by issuing policies of little value.
Those meeting these criteria are eligible for the CBA CCI Settlement payout. The federal court has officially announced the CBA Class Action Payout Date, and eligible individuals can expect their payouts soon.
How do you apply online for CBA Class Action?
As the federal court has announced the CBA class action payout dates for February and March, eligible recipients can now apply online to receive their CBA Class Action Payout. Take these actions to finish the online application:
- Visit the official portal of the CBA CCI Class Action Settlement.
- Confirm your eligibility for federal compensation.
- Fill out the online application form, providing your personal details, financial information, and necessary documentation.
- Upon submission of the online application, applicants can expect confirmation within 3 to 4 weeks. However, the processing time may vary based on individual claims and circumstances.
CBA Class Action Payout Date
The payout for the Commonwealth Bank of Australia Consumer Credit Insurance Action Settlement is scheduled for February and March 2024. The Federal Court has outlined a settlement process of 10,000 cases per day. After a three-year period, the resolution is now underway, with assistance tailored to the unique circumstances of individual federal claims.
The commencement of the CBA Class Action Payout is imminent, with eligible individuals receiving their federal compensation via direct deposit into their bank accounts. The individual compensation amount for eligible group members will be calculated, starting from February 2024.