Slater and Gordon is urging eligible ANZ customers who were sold consumer credit insurance (CCI) to register for their share in the $47m settlement which was reached with the bank late last year.
Slater and Gordon announced in November it had settled the group proceeding on behalf of potentially hundreds of thousands of ANZ customers over what was alleged to be worthless or "junk" insurance sold to customers when taking out credit cards and personal loans with the bank.
The settlement, which was reached without any admission of wrongdoing, is subject to Federal Court approval.
Slater and Gordon class actions Senior Associate Alex Blennerhassett said ANZ customers were now being asked to register with the firm to determine whether they were eligible for compensation.
"We have already notified hundreds of thousands of customers via post and email to register for potential compensation," Ms Blennerhassett said.
"We're now making a public appeal to any past or present ANZ customers who were sold CCI insurance to register with us as they too may be entitled to compensation."
The applicants to the group proceeding alleged that ANZ and its insurers engaged in unconscionable and misleading and deceptive conduct by selling worthless CCI products to customers, despite knowing the policies were of little or no value to them.
Many of the customers were ineligible or very unlikely to be able to claim on the insurance because they were unemployed, disabled or were critically ill when they took out the policies.
It was alleged that customers were led to believe that the insurance was free or mandatory, and in many cases, policies were added to loans and credit cards without the customers' consent or without them being informed that the insurance was optional.
ANZ and its insurance subsidiaries OnePath Life and OnePath General have contributed $42 million of the settlement, while QBE paid the remaining $5 million.
Affected ANZ customers should register at www.slatergordon.com.au/anzcci
