Thousands of National Australia Bank customers could win a share of up to $40 million after the company signalled it would settle a class action lawsuit over unfair bank fees. The bank's chief executive Andrew Thorburn said paperwork had been filed in court last week in 'a first but significant step towards reaching a potential settlement', the Herald Sun reported. NAB's decision is expected to put pressure on Australia's other big banks to settle prolonged class actions launched by customers in 2010 and 2011 in order to reclaim exorbitant bank fees, including late payment fees on credit cards. Scroll down for video . About 30,000 National Australia Bank customers could win a share of up to $40 million after the company signalled it would settle a class action lawsuit over unfair bank fees . Law firm Maurice Blackburn launched the class action against NAB, Commonwealth Bank, Westpac and Citibank in 2011 following a class action against ANZ launched in 2010 to the value of $197 million in total. The law firm said the claim affected 30,000 NAB customers, 45,000 Commonwealth Bank customers, 38,000 ANZ customers, 30,000 Westpac customers and 10,000 Citibank customers. On Tuesday night Mr Thorburn sent a letter to members of NAB's Advisory Council on Corporate Responsibility stating the bank was committed to making things right with customers. 'We are doing this because we believe this is the right thing to do for our customers and our business,' Mr Thorburn wrote. The bank's chief executive Andrew Thorburn said paperwork had been filed in court last week in 'a first but significant step towards reaching a potential settlement' 'Doing the right thing must be reflected not in our words, but in our actions.' If the class action is opened, other customers wanting to join the NAB Bank Fees Class Action and participate in any potential settlement will be able to register. The registration process would be managed by Financial Redress, a subsidiary of the company funding the Bank Fees Class Actions against all of the major Australian banks,' NAB said in a statement. 'Any announcements about this process will be made by IMF and the applicants’ solicitors Maurice Blackburn.' A Federal Court hearing has been set for November 18. Maurice Blackburn's class action spokesman Cameron Scott said: 'We have been working for some time with NAB to resolve the bank fees issue for its customers, but these negotiations are ongoing and we won't be elaborating on the settlement process at this stage. 'We would encourage all banks involved to follow NAB's example to negotiate in good faith, to resolve a fair outcome for all banking customers that have unfairly been charged these fees.' NAB's decision is expected to put pressure on Australia's other big banks to settle prolonged class actions launched by customers in 2010 and 2011 in order to reclaim exorbitant bank fees .
National Australia Bank to settle a class action lawsuit over unfair fees .
Thousands of customers could win a share of up to $40 million .
The bank's chief executive said paperwork had been filed in court last week .
NAB's decision is expected to put pressure on other major banks including Commonwealth Bank, ANZ and Westpac .
Thousands of National Australia Bank customers could win a share of up to $40 million after the company signalled it would settle a class action lawsuit over unfair bank fees. The bank's chief executive Andrew Thorburn said paperwork had been filed in court last week in 'a first but significant step towards reaching a potential settlement', the Herald Sun reported. NAB's decision is expected to put pressure on Australia's other big banks to settle prolonged class actions launched by customers in 2010 and 2011 in order to reclaim exorbitant bank fees, including late payment fees on credit cards. Scroll down for video . About 30,000 National Australia Bank customers could win a share of up to $40 million after the company signalled it would settle a class action lawsuit over unfair bank fees . Law firm Maurice Blackburn launched the class action against NAB, Commonwealth Bank, Westpac and Citibank in 2011 following a class action against ANZ launched in 2010 to the value of $197 million in total. The law firm said the claim affected 30,000 NAB customers, 45,000 Commonwealth Bank customers, 38,000 ANZ customers, 30,000 Westpac customers and 10,000 Citibank customers. On Tuesday night Mr Thorburn sent a letter to members of NAB's Advisory Council on Corporate Responsibility stating the bank was committed to making things right with customers. 'We are doing this because we believe this is the right thing to do for our customers and our business,' Mr Thorburn wrote. The bank's chief executive Andrew Thorburn said paperwork had been filed in court last week in 'a first but significant step towards reaching a potential settlement' 'Doing the right thing must be reflected not in our words, but in our actions.' If the class action is opened, other customers wanting to join the NAB Bank Fees Class Action and participate in any potential settlement will be able to register. The registration process would be managed by Financial Redress, a subsidiary of the company funding the Bank Fees Class Actions against all of the major Australian banks,' NAB said in a statement. 'Any announcements about this process will be made by IMF and the applicants’ solicitors Maurice Blackburn.' A Federal Court hearing has been set for November 18. Maurice Blackburn's class action spokesman Cameron Scott said: 'We have been working for some time with NAB to resolve the bank fees issue for its customers, but these negotiations are ongoing and we won't be elaborating on the settlement process at this stage. 'We would encourage all banks involved to follow NAB's example to negotiate in good faith, to resolve a fair outcome for all banking customers that have unfairly been charged these fees.' NAB's decision is expected to put pressure on Australia's other big banks to settle prolonged class actions launched by customers in 2010 and 2011 in order to reclaim exorbitant bank fees .
Thousands of National Australia Bank customers could win a share of up to $40 million after the lawsuit over unfair bank fees. The bank's chief executive Andrew Thorburn said paperwork had been decision is expected to put pressure on National Australia Bank customers could win a signalled it would settle a class action lawsuit The bank's chief executive Andrew Thorburn said paperwork had been filed in court last week in 'a