Our banks are being sued

[SilverNodashi]

I thought I'd share this since it affects every South African with a home loan, credit card, personal loan and probably overdraft as well:

The 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.

What can you do about it?

1. Take an interest in our money system. Understand WHY we are taking action against the banks. Download and watch The Dark Secrets of Money here (or watch it on YouTube here). We cannot stress this enough – for the sake of your family’s future you need to know how the money system works. The legal document is attached, but it is complicated, so commentary will be available soon to help you understand it.

2. Follow and comment on the case at www.thebigcase.co.za [the new and updated page will be live on Monday July the 23rd].

3. Become a paying member here or donate a small amount to our cause here. We are in urgent need of funds to survive.
The banking system is a greedy monster that is coming to eat us. Only we, the people, can stop it.

THE NEW ECONOMIC RIGHTS ALLIANCE

[Dave A]

I think this action has already been dismissed

It came up before - start here for what we know so far.

[SilverNodashi]

I think this action has already been dismissed

It came up before - start here for what we know so far.

I got this email today, so I guess this is another attempt at taking the banks to court

[Blurock]

This case has been dismissed. Their arguments were so flawed and outrageous, it had no chance of success.

[tec0]

All of us know the banking system is a big bugger up at the moment. The rich can take mass amounts in from of loans and the poor cannot break even on their debts.

However I must stress that property may well be a target. An old run down home may well be over estimated to a sum of one million rand and more, thus the sum of money you need becomes a perpetual nightmare.

The benefit of over estimation means more commission, bigger loans and high property tax and that alone is a cause for concern. Even poorly maintained homes will bring in an amount of just under a million rand and then you need to fix everything and that is a costly undertaking in its own right.

So are the banks on our side? If not then who is?

I say follow the money and make up your own mind.

[dove45]

I've read it before reading this post. Even I've discussed with one lawyer too.. But there is no result after this.. Because I am also student of same case.

[Blurock]

The banks do not determine the price of properties. Buyers do. As you live in Cape Town, I will use the Bantry Bay/Clifton area as an example. In about 1975-78 my gran pointed out a property that was sold for something like R3 million. We were agast as we thought that was too much. The (smallish) house was high on a cliff with no garage -only street parking and 1000 stairs to climb.

The buyer (obviously paid with Euros or pounds) demolished the house and built a completely new, modern house on the same site! Estimated building cost at that time could have been triple the buying price, I can't remember the figures.

So the buyer paid for the view, he was not even interested in the house!

[Darkangelyaya]

Don't shoot me, just a messenger
Big case tomorrow against the four major banks - trying to force them to answer our legal brief. Which does not want to stick, so.

[Citizen X]

Don't shoot me, just a messenge:
Big case tomorrow against the four major banks - trying to force them to answer our legal brief. which does not want to stick, so.

Good evening Carina,

If I understand this correctly, the banks have filed a notice of exception and it's the hearing of this exception tomorrow that essentially will be taking place i.e. whether the court will uphold the exception in which case the case is thrown out or whether they will dismiss the exception in which case the banks must file their plea?
Could you please clarify

[Darkangelyaya]

As far as I know, the banks have argued that NewEra's claims are 'vague and embarrassing'. I know that the wording has been changed to clarify matters. I am assuming that the Court will decide whether the banks have to answer the claims or not.