Major banks set to defend against R60bn class action suit in court

Lungelo Lethu Human Rights Foundation condemns banks legal action against homeowners

- SIPHELELE DLUDLA

SOUTH Africa's major banks will finally defend themselves in court over claims that they repossessed hundreds, if not thousands, of people's homes and sold them far below market value, cheating them of the earned interest on those properties over years.

This comes as the South Gauteng High Court in Johannesburg has set down the matter, which is a R60 billion class action suit, against the country's major banks to be heard in February 2026, nearly a decade after it was launched in 2017.

This legal challenge aims to hold financial institutions accountable for prioritising profit recovery above the rights and dignity of homeowners.

Advocate Douglas Shaw from Banking Law Advisor and the claimants' representative confirmed to Business Report on Tuesday that the matter has indeed been set down for February 2026 at the South Gauteng High Court in Johannesburg.

Shaw said all the main papers in the matter had been filed for 2000/2001 [the dates] including the founding affidavit and the answering affidavits from the four banks, and his replying to all of them.