R60bn class action lawsuit against banks hits critical stage over inclusion of new evidence

THE long-running R60 billion class action bid against South Africa's major banks reaches a critical procedural stage today as the Gauteng High Court will hear an interlocutory application that could determine how much evidence will ultimately be allowed before the court.

- SIPHELELE DLUDLA

This comes as major banks will next year 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.

The evidentiary battle comes ahead of the main certification hearing scheduled for the last week of February 2026, where the court will decide whether the matter can proceed as a national class action on behalf of affected homeowners, nearly a decade after it was launched in 2017.

Advocate Douglas Shaw from Banking Law Advisor told Business Report on Wednesday that they have filed about 40 supplementary affidavits, most of which were submitted after the class action was launched, to strengthen their case.