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)

Facebook Comments

About author

Nigerians in South Africa
Nigerians in South Africa 2028 posts

We are about democracy, human rights, public opinion, political behavior, civil rights and policy aimed at improving the human condition, with a focus on African countries.

You might also like

Community 0 Comments

THREE-YEAR-OLD BOY DROWNS IN LIMPOPO TOILET

A three-year-old boy is the latest child to die in South Africa after drowning in a pit latrine. Omari Monono died in the outside toilet at his aunt’s house in

CASTER SEMENYA TO CHALLENGE IAAF ‘FEMALE CLASSIFICATION’ RULE

South African middle-distance runner Caster Semenya will challenge a female classification rule imposed by the International Association of Athletics Federation (IAAF) at sport’s highest court, her lawyers said on Monday.

Business 0 Comments

CONTROVERSIAL SKIN LIGHTENING CREAM LAUNCHED IN NIGERIA

Cameroonian singer Dencia has defended her controversial skin lightening product during its launch in Nigeria. The product was being promoted by model Blac Chyna at the event in Lagos. The

0 Comments

No Comments Yet!

You can be first to comment this post!

Leave a Reply