[miningmx.com] – TRANSNET faces an R85bn claim from members of two of its retirement funds after the High Court ruled they could proceed with a class action against the state-owned freight and logistics firm, said BDLive.
This will be South Africa’s largest class action and the first of its kind after the country’s Constitutional Court issued guidelines on class actions last year, said BDLive. Two pensioners will represent 65,000 members of the funds.
The contention is that Transnet stripped the retirement funds of assets which left them unable to pay sufficient benefits to members, said BDLive. Some 45% of Transnet pensioners now earn less than the state’s old-age pension of R1,350 a month.
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