R60 Billion Class Action Against Banks Back on Track
Banking News
Recently, the banks felt relieved when an oversight by the advocate helping around 100 000 former homeowners in suing the big banks meant he could no longer be used in the case.
The case is worth an estimated R60 Billion and relates to homes that were sold on auction years ago, some for as little as R1000.
Due to the advocate’s mess up in not having a renewed certificate, the banks’ attorneys asked for the matter to be thrown out (meaning starting over again). This is a pretty standard request in such cases.
The court however decided that given the uniqueness of the matter and the consumers who are involved (mainly elderly people with limited legal understanding) that it would allow a different legal representative to take the place of the first one.
This means the case will pick up again in August 2026.
