Moody's is set to release its latest ratings review of South Africa on Friday.

The big banks in South Africa are being sued for R60bn, according to a Fin24. 

It is believed that about 225 applicants, most of which from the Gauteng township regions, launched a suit in the constitutional court with claims of damages from the banks, accusing them of home repossession abuse.

According to the Fin24, the number was based on the average estimated loss of home equity value, multiplied by the roughly 100 000 homes repossessed in SA since 1994. 

The report revealed that the Lungelo Lethu Human Rights Foundation is the driving force behind the suit, spending many years putting the case together with advocate Douglas Shaw.

It is believed that Nedbank, Absa, FirstRand Bank and Standard Bank are respondents in the case, along with the National Credit Regulator, the Minister for Justice and Constitutional Development, the SA Human Rights Commission and the High Court Rules Board. 

All of the applicants in the case had their homes repossesssed after allegedly falling into arrears on their mortgage bonds. The homes were then allegedly sold for a fraction of their worth by the banks. 

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