Three of Australia's 'big four' banks settled separate class action lawsuits for A$126 million ($84.51 million) with Slater & Gordon , who took the banks to court two years ago over sale of credit insurance products, the companies said on Monday.
The lawsuit alleged the entities and associated parties made customers believe their policy payments were "compulsory or provided value to them", as well as misled or were deceptive in conduct over selling or issuing policies with no value, the law firm said.
ANZ, along with QBE Insurance, and OnePath Life and OnePath General Insurance, indirect units of Swiss firm Zurich Insurance Group , will pay a total of A$47 million to their customers under the settlement, with ANZ contributing A$42 million, Slater & Gordon said.Reporting by Sameer Manekar in Bengaluru; editing by Diane Craft and Rashmi Aich
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