Updated on February 18, 2024
Find out all the info on Commonwealth Bank Class Action payouts: dates, amounts, eligibility, and how to apply. With multiple actions pending, users and shareholders are eager for their lawsuit settlements. Get the full scoop in this article!
Commonwealth Bank Class Action
The bank convinced people that making a claim was necessary for all personal account users, aiming to boost investments. Through extensive marketing efforts, around 65 million users were targeted. A class action alleges the bank misled and sold unwanted products. Investors are also suing for their share of interest due to losses from the class actions. Faced with public outcry, the bank has promised refunds and is reaching out to affected buyers.
About Commonwealth Bank
The Commonwealth Bank, Australia’s largest bank, serves millions of users. Every minute, approximately 1000 users carry out specific transactions with the bank.
Three years back, the bank faced a lawsuit over a data breach. Millions of individuals stepped forward, alleging that the bank had provided them with personal loans, credit cards, and other products for which they were not eligible.
Commonwealth Bank Class Action Payment Dates
The settlement case has been ongoing since 2021, and the court has urged the bank to issue refunds promptly. Some lawsuit filers received their refunds within 60 days. While many customers have applied for settlement, it might take time, but initial refunds are expected to reach affected individuals by the end of 2024. Due to the large number of customers, verification may take a while, and refunds will be processed in batches, around 10,000 per day.
Commonwealth Bank Class Action Amount
When the lawsuit was filed, the bank’s stock took a hit, causing investors significant losses, with shares dropping to $84.69 in a single day. As per the Federal Court of Australia, claimants will be reimbursed based on their investments in personal accounts and credit insurance. The most affected individuals will receive their payments sooner than others.
Shareholders will also get refunds based on their investment period and the bank’s stock price. The bank has already disbursed settlement amounts to approximately 50 million users, but many are still awaiting refunds. The bank assures to expedite the process and promises to refund all users promptly. Those who applied for refunds collectively will receive compensation as outlined in the Notice of Estimated Distribution.
Who Qualifies for Commonwealth Bank Class Action?
To qualify for a refund from CWB, candidates must meet certain eligibility criteria set by the Federal Court of Australia. Here are some key requirements:
- Candidates must have claimed premiums from their banks, and CWB has not fully refunded them.
- Candidates should have purchased personal account and consumer credit insurance from the bank.
- They must have registered for the lawsuit with the bank.
- Candidates should have more than one account with the bank and have been members for over 2 years.
- Users who invested their income in the bank’s credit or personal insurance are eligible.
- Citizens who applied for the lawsuit need to provide all necessary details and documents for the refund. The court will notify candidates via mail if they meet all eligibility criteria to make a claim.
How to Apply for Commonwealth Bank Class Action?
The impact of the data breach extended deep, affecting the bank’s stock value and causing financial crises for the Bank, its customers, investors, and stakeholders. If you find yourself in this situation, here’s how you can claim the amount:
- Apply for a refund through the CBA CCI Class Action Settlement portal.
- Register as a Federal compensator or use your bank customer ID.
- Provide details about the invested amount and the claimed products.
- Fill in general information like personal details, contact number, and account information in the application form.
- Expect a verification call within 3 to 4 weeks of applying. You will receive a notice specifying the compensation amount and disbursement date.