Commonwealth Bank of Australia (CBA) is facing a class action lawsuit over the sales of personal loan insurance and credit cards.
The lawsuit filed today by Slater and Gordon against one of Australia’s top lenders alleges customers were charged for worthless products.
"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," Slater and Gordon practice group leader, Andrew Paull, said in a statement.
A CBA spokesperson confirmed they had received the class action.
“CBA confirms that Slater and Gordon have announced a consumer credit insurance class action against CBA and CMLA,” a CBA spokesperson told Insurance Business Australia.
“Slater and Gordon have not yet served CBA with any legal proceedings. We will carefully consider any allegations once the claim is received.”
The class action comes after similar lawsuits were lodged against other major banks in Australia, as the financial sector struggles with continuous scrutiny and litigation in the aftermath of the damning 2018 royal commission.
Previous litigation has been lodged against Westpac Banking Corp and Australia and New Zealand Banking Group, filed in February, soon after National Australia Bank Ltd reached a $49.5m settlement in a class action lawsuit last November.
