R60 BILLION CLASS ACTION LAWSUIT AGAINST BIG BANKS @KASIBCNEWS

R60 BILLION CLASS ACTION LAWSUIT AGAINST BIG BANKS @KASIBCNEWS The Economic Freedom Fighters (EFF) fully endorses the long-overdue R60 billion class action lawsuit against South Africa's major banks for their predatory and exploitative practices, which have left hundreds of poor, primarily black South Africans homeless and destitute. This legal action exposes the deep-rooted systemic neglect and exploitation of the vulnerable, a reality the EFF has consistently highlighted in its fight for economic justice. This class action involves more than 200 applicants whose homes were repossessed by major banks—Absa, Standard Bank, FirstRand, and Nedbank—after missing bond payments. These repossessed homes were auctioned off for a fraction of their true market value, with some homes sold for as little as 10% of what they were worth, leaving their owners homeless and still indebted to the banks. Some properties were even sold for as low as R100. These practices were common before 2018 when th...