Commonwealth Bank of Australia faces class action lawsuit over credit card and personal loan insurance

On Wednesday, Australia’s top lender Commonwealth Bank of Australia said, a class action lawsuit has been filed against it over the sale of credit card and personal loan insurance.

The lawsuit, filed by Slater and Gordon, a law firm, alleges that customers were charged for worthless products.

The class action lawsuit comes in the wake of similar such lawsuits being filed against three other big Australian banks and comes at a time when the country’s financial sector continues to face scrutiny in the aftermath of a damaging public inquiry into the widespread misconduct in the sector.

“Slater and Gordon is still being contacted by large numbers of Commonwealth Bank customers who should never have been sold the products, yet have never been remediated,” said Slater and Gordon practice group leader Andrew Paull in a statement.

A spokesperson for the CBA said, the bank had not been served with legal proceedings; it will consider any allegations once it has the lawsuit in hand.



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