Major Australian banks, insurers to pay over $84 million to settle class-action lawsuit

Australian law firm Slater & Gordon Lawyers has won a consumer credit insurance class-action against three leading Australian banks and their insurers, who will have to pay more than $126 million Australian ($84.5 million) in settlements to nearly 1 million customers, 9 News reported. The banks – Commonwealth Bank of Australia, Australia and New Zealand Banking Group Ltd. and Westpac Banking Corp. – were sued over mis-selling consumer credit insurance to customers even when the customers were not eligible to make any claims under the policy.