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R60 billion banks lawsuit heads for Gauteng court

The Constitutional Court has refused to hear the R60 billion class action suit launched against the major lending banks.

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. 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. “The Constitutional Court has considered this application for direct access. It has concluded that the application should be dismissed with no order as to costs as it is not in the interests of justice to hear it at this stage,” the Court said.

King Sibiya, head of the Lungelo Lethu Human Rights Foundation, says the case will be taken to the South Gauteng High Court early in the New Year.

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.

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