Banks class action set for High Court
With the Constitutional Court having refused to hear the R60bn class action suit launched against the major lending banks, the case is heading to the Gauteng High Court (Johannesburg) early in the new year. The class action suit was filed in the Constitutional Court in August by more than 225 applicants whose homes were repossessed and sold at sheriffs’ auctions for a fraction of their market value.
A GroundUp report notes the number of applicants has since grown to more than 400‚ with several hundred more in the process of joining. Last month the court refused the applicants direct access to the Court saying it was not in the interests of justice to hear it at this stage. The applicants are seeking financial damages from the banks and a change to the law to prevent banks from selling repossessed homes at a fraction of market value.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
