CBA Class Action Payout Dates – Eligibility and Distribution of Settlement Amount!

On 15 September 2023, the federal court agreed to a $50 million settlement in the CBA Consumer Credit Insurance Class action. The class members wondering about the pay dates of the compensation can read the article to know the detailed information of the settlement.

CBA Class Action Payout Dates

The CBA class members must have received the no-reply email from the CBA CCI to complete the ID verification check. The class members who have completed the verification process by 15 January 2024 can receive their payment soon.

Following the Settlement approval by the court in September 2023, and the notice sent to the class members for the distribution of the settlement amount of $50 million.

According to reports, we anticipate that the class members can expect the CBA class action settlement compensation around early March or by the end of March 2024.

About CBA Class Action 

Slater and Gordon filed a lawsuit against the CBA and Colonial in the federal court in 2020. They have initiated the lawsuit on behalf of people who held CCI for their CBA credit card or personal loan, specifically CBA Credit Card Plus and CBA Personal Loan Protection. They put allegations on the CBA, which include:

CBA Class Action Payout Dates

  • The respondents have engaged in unethical behavior during the sale of policies to the consumers.
  • The respondents have made the customers pay for the insurance making them believe that it is mandatory and valuable for the consumers.
  • They have provided little or no value in the policies on the sold policies to customers.
  • They have unethically or illegally provided personal advice to some specific customers.

The mediation process of the settlement started in 2022 and both parties agreed to the settlement. 

The parties went to federal court for the approval of the CBA class action settlement and the notice of settlement was sent to the eligible consumers between 15 March and 31 March 2023.

The federal court approved the settlement on Sep 2023, and now the distribution process is in progress.

Eligibility for the CBA Class Action Settlement

Any individual who satisfies the following eligibility criteria and has completed the verification of the ID is eligible for the CBA Class action settlement compensation:

The individuals who have held the policies since 1 Jan 2010 are considered for the settlement if:

  • You have been issued with a CBA CreditCard Plus coverage or  Personal Loan Protection policy.
  • You have not received the full compensation for the loss you suffered due to the respondent’s misconduct and activities.
  • You have paid the premium payment for the policies.

Remember, the individuals who wish to receive the settlement fund have to register through the portal, and the last date to register for the class member was 29 May 2023. The individuals who have declared their interest in receiving the compensation and are eligible for the compensation will receive the compensation soon.

Distribution of the CBA Settlement Amount

The eligible class members can expect their payment soon. The CBA CCI settlement fund is processed to distribute among the 200,000 group members directly involved in the case against CBA, ANZ, and Westpac.

According to the authorities, the settlement administration must have completed the calculation of individual compensation for the class members. The amount of compensation depends on various factors for individual claimants such as:

  • The total amount of premium they paid compared to the premium paid by the eligible group members.
  • The investment is done by each claimant in the personal account and credit insurance.
  • The claim of each group member.

The compensation will be completed in packets of 10,000 per day. The final payment exact date is hard to determine as the holidays can affect the bank processing the payments. Delootted one of the leading professional services firms in Australia, is assisting in the settlement administration services of CBA class action settlement. 

Any individual who has registered and shown his interest in receiving the compensation will be paid their share of compensation shortly.

The authorities request the claimants to be patient and rest assured the payments will be distributed among the eligible group members till March 2024. The distribution of the settlement will be completed when no payments are remaining in the settlement fund. 

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