National Australia Bank Wins Positive Federal Court Ruling in Consumer Law Breach Case

MT Newswires Live

Jun 27

National Australia Bank (ASX:NAB) won a positive ruling from the Federal Court of Australia in a case brought by two individuals seeking damages and compensation for alleged consumer law breaches by the bank, according to a Friday court document.

Renae Louise Clark and David Wayne Clark alleged that NAB's error in opening a duplicate trust account led to their property settlement funds being deposited into the wrong account.

As a result, the applicants claimed they were unable to access or verify the funds while in the US, which hindered their ability to complete property purchases.

The Federal Court set aside a notice to produce filed by the applicants and ordered them to pay NAB's costs associated with an interlocutory application.

Shares of the bank fell almost 1% in recent Friday trade.

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