http://www.newera.org.za/class-action-lawsuit-against-the-banks/
Sheriff of the Court has just served the four major banks, and the Reserve Bank, with a summons from the New Economic Rights Alliance: Case number 27478/12.
Put simply, the NewERA is asking the High Court to declare our money lending system fraudulent and unconstitutional. We are not suing for money. Alternatively, we are asking the Court to suspend all legal action currently taken against every South African by the banks, until a full investigation has been undertaken into our banking system.
It may be bold. It may be daring. But it is 100% correct. The banks are doing some terrible things behind our backs and two years of research by dozens of people around the country, working in their spare time and for no money, has culminated in this action. It is a miracle that we made it this far. We are very proud.