Nov 20 (Reuters) - National Australia Bank Ltd on Wednesday said it reached a A$49.5-million ($33.74-million) settlement for a class action lawsuit over the sale of worthless insurance policies to customers for their credit cards.
The class action was filed by law firm Slater & Gordon last year.
“NAB no longer sells Consumer Credit Insurance (CCI) products through any of its banking channels, and has implemented a remediation program,” said Sharon Cook, the bank’s chief legal and commercial counsel.
In a statement, NAB said the payment was pending approval from the Federal Court, but it had made provision for the amount in its financial statements for fiscal 2019. ($1=1.4671 Australian dollars) (Reporting by Niyati Shetty in Bengaluru; Editing by Clarence Fernandez)