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 1717 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

JOBURG MAYOR HERMAN MASHABA HEADING TO COURT OVER DEPORTATION OF ILLEGAL IMMIGRANTS

JOHANNESBURG – Johannesburg Mayor Herman Mashaba has told Eyewitness News that he’s going to court to force the deportation of undocumented foreigners in the city. Mashaba says that his lawyers

SUICIDE BOMBERS TARGET MILITARY MARKET IN NIGERIA

KANO – Fifteen people were injured when two female suicide bombers targetted the edge of a military barracks in northeast Nigeria, police said on Thursday. Soldiers shot dead one woman

Politics 0 Comments

#BRICSSUMMIT: SOUTH AFRICAN OFFICIALS PRAISE BRICS SUMMIT OUTCOMES

New measures to strengthen cooperation on innovation and industrialization were taken at the end of the BRICS Summit in South Africa. This has sent a clear signal of continued multilateralism

0 Comments

No Comments Yet!

You can be first to comment this post!

Leave a Reply