Class action against South African banks over ‘abuse’ of system
The Sheriff of the Court has served the four major South African banks (Absa, FirstRand, Nedbank, Standard Bank), and the Reserve Bank (SARB), with a summons from the New Economic Rights Alliance: Case number 27478/12.
Put simply, the High Court is being asked to declare the South African money lending system fraudulent and unconstitutional. They are not being sued for money. Alternatively, the Court are asked to suspend all legal action currently taken against every South African by the banks, until a full investigation has been undertaken into the banking system.
It may be bold, it may be daring, but it is 100% correct.
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