R60 billion class action against banks gains momentum for exploited homeowners

It is possible that the R60 billion class action against the country’s major banks for repossessing people’s homes and selling them far below market value could be certified by the end of this year.

- ZELDA VENTER

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

Advocate Douglas Shaw, who is representing the claimants, gave the assurance that he will do whatever to obtain compensation for those who have lost their homes.

Shaw, who has worked hard to secure justice for these individuals, stated that in an attempt to expedite the process, they are also launching a website to assist people to deal with the administrative side of things.

While he is trying to get the class action certified at the Gauteng High Court, Johannesburg, there are many hurdles to overcome.

He explained that they must first face an objection by the banks regarding the precision of the affidavits filed by the claimants, to which the banks have objected.

Once this technical argument is out of the way, there are no more hurdles, he said. He will file his arguments in the main certification application and then await a date from the court as to when it can be heard.