The federal court has approved the $6.6 million conditional settlement between NAB and members of the IMF Bentham-funded class action on bank fees.
Clients of NAB settled their class action in relation to claims for repayment of certain exception fees on 18 March 2016, with the settlement approved by the federal court yesterday.
According to litigation funder IMF Bentham, the claims against NAB have been remained, awaiting the outcome of similar claims in a separate class action against ANZ.
“All of the ANZ claims currently stand dismissed and the dismissal orders in relation to late payment fees are on appeal to the high court,” IMF Bentham said in a statement.
Because all of the members of the class action have agreed to share common costs, “it is not possible to say at this stage of the proceedings how much of the NAB settlement monies will be paid to IMF if the settlement becomes unconditional”, it said.
“In part that amount will depend on the outcome of the ANZ high court appeal but IMF has agreed to limit the payment to no more than $4.1 million in any event.”
On 18 March 2016, NAB group executive for governance and reputation Michaela Healey said, “NAB is pleased to have reached agreement on this matter and provide certainty for our customers and shareholders.”