Class action against Transnet Pension Fund
1 August 2014
Judgment was handed down yesterday in an application to certify the class action against Transnet. The application was brought by two members of the Transnet Pension Fund who sought to have a class action certified in order to pursue a claim for damages from the administrators of the fund. The class action is said to be brought on behalf of approximately sixty-five thousand former Transnet employees, where damages exceeding R85 billion are said to be claimed.
The court found in favour of the applicants, confirming that they were authorised to proceed with the proposed class action. The class action is being brought on an "opt-out" basis, with the applicants being ordered to confirm their membership within 30 days of the judgment being handed down. In this regard the applicants are to advertise in the relevant newspapers calling upon members of the scheme to "opt-out" in the event of them not wanting to take part in the litigation. Should members of the scheme not opt out of the proceedings they would be deemed to form part thereof. Thereafter the class action is to be resumed within 60 days.
If you require any information/assistance relating to class actions, please do not hesitate to contact Deon Francis or Reshana Pillay.