In the shadows of the expected publication by Commissioner Kenneth Hayne of his interim report on misconduct in the banking, superannuation and financial services industries a class action has been launched by major litigation law firm Slater and Gordon.The ASX-listed class action specialists have filed proceedings in the Federal Court against National Australia Bank and MLC on behalf of customers who, the lawyers argue, were sold worthless credit card insurance.Slater and Gordon class actions principal lawyer Andrew Paull said it would be alleged that the two NAB subsidiaries MLC and NAB engaged in unconscionable conduct, in contravention of the Australian Securities and Investment Commission Act 2001, by selling insurance to card holders who, Paull asserts, the bank should have known were ineligible to claim under the terms of the policy.Paull said most people were sold the insurance over the phone and were not given a reasonable opportunity to understand the terms and conditions of the policy."In the case of the life cover, the policy was of minimal value to many customers. NAB admitted as much in the royal commission," he said.The range of customers who were sold insurance included students and people without gainful employment, and people on disability pensions; all of whom were ineligible to claim the main benefits under the policy.Customers with existing life or income protection insurance were also encouraged to take out insurance on their credit card, despite already being covered by their existing policies.Mr Paull said Slater and Gordon believes these practices amount to unconscionable conduct in breach of section 12CB of the ASIC Act."We believe NAB's and MLC's conduct falls well short of the standard of behaviour the industry expects."In short they have taken advantage of people knowing that they can't cover them."In response, NAB issued a short statement that confirmed Slater and Gordon "have announced a class action against NAB and MLC Ltd." NAB chief legal and commercial counsel, Sharon Cook, said NAB has not yet been served with any legal proceedings from Slater and Gordon."We will consider carefully any allegations when we receive the claim," she said."We encourage NAB customers who have questions regarding our products and services to talk to their banker or contact us."NAB is committed more than ever to making sure customers come first, always. We have made changes, and will continue to make changes to transform our business - to serve customers better and to build trust."