NAB moves to settle on class action
NAB has become the first of the Big Four banks to move towards a settlement over a long-running late fees class action.
The bank said a cohort of its customers lodged an application with the Federal Court to open and then close the class action last Friday, marking the "first step towards a potential settlement".
"NAB is doing this because we believe this is the right thing to do for our customers and our business," the bank's CEO, Andrew Thorburn, said.
The settlement amount has not been disclosed.
The class action, led by compensation lawyers Maurice Blackburn, has attracted around 185,000 banking customers across nine institutions who say they were unfairly charged a variety of fees, including honour and dishonour charges and late payment fees.
The saga started in 2010, with a late fees class action against ANZ.
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