STANDARD BANK PREPARES FOR R60M CLASS ACTION LAWSUIT

STANDARD BANK PREPARES FOR R60M CLASS ACTION LAWSUIT

CAPE TOWN – At least one of the country’s four banks has confirmed it has started preparing should a R60 billion class action lawsuit go ahead.

Banking giants FNB, Absa, Nedbank and Standard Bank could soon face the R60 billion class action lawsuit should the Constitutional Court agree to hear the matter.

The financial institutions could be taken to the Constitutional Court for selling the properties of 219 defaulters at a fraction of their value.

This claim has been flatly denied by Standard Bank.

It has already appointed external counsel to deal with the matter should it end up in court.

The bank says a sale in execution is always done as a last resort, adding that every effort is made to avoid a sale under so-called distressed conditions.

The bank has, however, vowed to probe any allegations of misconduct.

Story: Ilze-Marie Le Roux / EWN

(Edited by Shimoney Regter)

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Adekunle Owolabi
Adekunle Owolabi 456 posts

Adekunle Owolabi studies democracy, human rights, public opinion, political behavior, civil rights and policy aimed at improving the human condition, with a focus on African countries.

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