New hope for R60bn class action against banks

THE wheels of justice often grind slowly, especially when courts are facing a shortage of judges, with some cases taking years before they are heard, and the R60 billion class action against the big four banks is facing the same problems - massive and continual delays.

- ZELDA VENTER

This is according to Advocate Douglas Shaw, who is spearheading the class action against the major banks for repossessing homes and selling them far below market value.

While hundreds of dispossessed homeowners have been eagerly awaiting the certification of the action for some years, Shaw said things may now run more smoothly as the Office of the Gauteng Judge President this week moved the matter to a judge to adjudicate.

"Once the class action is certified, it is hoped that things will run much faster and that the banks will then pay the hundreds of claimants who are now in dire financial need after losing their homes," Shaw said.

He gave the assurance that he is doing what he can to obtain compensation for those who have lost their homes.