ANZ Class Action

In February 2020, a class action was filed against QBE insurance, OnePath General Insurance, OnePath Life, and Australia and New Zealand Banking Group (ANZ) alleging that the companies sold worthless add-on insurance through ANZ credit cards or personal loans. The suit maintains that members of the class action were sold various products while having been led to believe that said products were valuable or compulsory. The defendants had committed the following wrongdoings punishable by law:

  • Deceptive and misleading conduct
  • Unconscionable conduct
  • Unlawful financial advice

The types of fraudulent consumer credit insurance covered in this class action include:

  • ANZ Loan Protection
  • ANZ CreditCover Plus/Credit Card Insurance

There is strong evidence that ANZ employed unfair strategies to pass these worthless insurance products off to the public, many of whom could ill-afford these purchases in the first place.

Consumers do get missed throughout this process, usually because of lost details or a change of personal contact information. Through a class action suit, there isn’t a payout of your full premiums. It is also only on certain products, and the payouts are shared with the total group members.

This is why Get My Refund investigates each victim's individual case to fight for all of the funds owed, from all accounts on all potential mis-sold products.

Get My Refund has all the knowledge and expertise necessary to make good on taking advantage of the underprivileged. Our mission is to extract proper compensation for the affected.

Who Is Eligible for the Refund under the Class Action?

You may become a member of the class action if you meet the following conditions:

  • You purchased ANZ Loan Protection for a personal loan or the ANZ CreditCover Plus credit card insurance.
  • You paid the premium.

Here’s a summary of the time periods covered:

  • Misleading customers about the value and/or compulsory status of their policies:
    • Credit Card Insurance – starting January 1, 2010
    • Personal Loan Protection – starting January 1, 2010
  • Engaging in deceptive or misleading conduct related to insurance sales:
    • Credit Card Insurance – starting January 1, 2010
    • Personal Loan Protection – starting February 28, 2014
  • Engaging in unconscionable conduct related to the sales of insurance products of little to no value:
    • Credit Card Insurance – starting January 1, 2010
    • Personal Loan protection – starting February 28, 2014
  • Unlawful dissemination of financial advice over the phone or at a branch (limited to ANZ only):
    • Credit Card Insurance – starting February 28, 2014
    • Personal Loan Protection – starting February 28, 2014

Australia's Opt-Out Model

The opt-out model applies to class actions in Australia. Under the precedence, all persons affected automatically become members of the relevant class action. Members will be legally bound by the settlement or court’s decision unless they had previously opted out of the proceedings. Group members will have no comment on settlement offers, settlement sum amounts and how much is shared with all other group members and waiver of rights to ever complain directly.

On the contrary to opt out, If you also do not opt in you are not likely to receive part of any group settlement sum. This continues to be a problem, by not receiving a notice then fails to inform recipients that they are members of the class action.

How Do You Opt Out?

If you do not want to take part in this class action, you have to opt out before the stipulated deadline. Anyone who does not want to participate in the class action would have had to complete their opt-out form and mail it to the relevant Federal or Supreme Court by that date. This is also something that we can help you with.

If you had opted out, you’ve removed yourself from this class action. As a result, the outcome of the case will not affect you. You will be free to file your own claim separately and therefore entitled to more compensation.

FAQs

What Is a Class Action?

A class action is a lawsuit brought by a group of claimants who suffered wrongdoings in the hands of the defendant. This type of lawsuit is also known as multi-district litigation or mass tort litigation.

Since the compensation for individual injuries may pale in comparison to the cost of a lawsuit, banding a group of claimants together tips the scale in the other direction, making it a suit worth filing.

Besides the claimant attorneys, filing a lawsuit as a group allows consolidation of witnesses, evidence, and other aspects of litigation for enhanced efficiency.

Why is a class action not always the right action?

If you opt in you waive your right to ever complain directly if you are not happy with the refund amount. Any settlement sums you are entitled to will be shared with all the other group members, some members will get more than others - plus deductions of lawyers fees and court costs.

Advantages of using Get My Refund over a class action?

We work on behalf of you as an individual on all insurances (not just the class action ones) and work towards obtaining the maximum refund you are entitled to! Class actions can take years to be approved and to go through court process, whilst our refund claims can be completed in a matter of weeks!

What is the potential difference in payouts between GMR and a class action?

this in recent times has worked out to be more than 60% more refund potential in your pocket even after our fees!

How long does the process take?

Once opted out your refund claim can be completed in less than 60 days, dependent on the complexity of your individual case.

Do I Get Anything For Reading the Entire FAQ?

You deserve some Gold Star stickers! There was some Tim Tams, but we ate them all. Sorry. You snooze, You…

You still here?

Why? Okay, since you’ve read the whole page (you did not skim did you?), you definitely deserve a reward.....Lets make it a refund! If your still concerned or not sure then pick up that phone to our friendly Team! We love helping you (02) 9156 1000.

Get My Refund is an authorised representative of Sphere Insurance Group ABN 95605842117 AFSL 478959 Agent number 1279752
2/23 Foster Street Surry Hills NSW 2010 Australia | (02) 9156 1000
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