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Hundreds of aggrieved bank customers have filed an application in the Gauteng High Court seeking certification of a R60 billion class action, claiming their homes were unjustly sold in execution for as little as 10% of their market value.
Banks face lawsuit over unjust sale of homes
By Lyse Comins
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Durban - The country’s major banks are heading for a showdown with hundreds of aggrieved customers who have filed an application in the Gauteng High Court seeking certification of a R60 billion class action, claiming their homes were unjustly sold in execution for as little as 10% of their market value.
More than 200 bank customers, including Innocent Gwisai, Ernest Mashaba, John Mojake, Gladys Mviko, Elizabeth Majoro, Magda Odendaal, Anne Peachey and Johannes Theunis Booysen as well as the Lungelo Lethu Human Rights Foundation, which has for years fought for the rights of home owners, have filed papers requesting that the court certify them as a class to sue the banks for damages, alleging that their properties were in some cases sold for as little as R100.