💨 Abstract

Over 100,000 former South African homeowners have filed a R60 billion class-action lawsuit against the country's 'big-four' banks—ABSA, FirstRand, Nedbank, and Standard Bank. The lawsuit, set for February 2026, alleges that the banks undervalued and sold their repossessed homes at auctions without reserve prices or regard for market value, often for as little as R1,000.

Courtesy: Ray Leathern