'long Overdue' Eff Throws Weight Behind Homeowners Pursuing R60 Billion Class Action Against Big Banks

The Economic Freedom Fighters EFF led by Julius Malema says it fully endorses the long overdue R60 billion class action lawsuit against South Africa's major banks for their predatory and exploitative practices which the party says has left hundreds of poor, primarily black South Africans homeless and destitute.

Last month, Pretoria News reported that hundreds of people who had their homes repossessed primarily due to missed bond payments and then sold for a fraction of their true value are anxiously awaiting the start of a R60 billion class action against major banks.

It is alleged that many of these people had their homes auctioned off for as little as 10 of their market value, and have been homeless and destitute for over a decade while the banks recovered the debt.

The EFF, in a statement, said the affected people are anxiously awaiting the start of the R60 billion class action against major banks.

The red berets said the 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.