80OA Qnb Fin 35

    RNS Number : 3076U
  Bank Hapoalim B.M.
  13 May 2008
   

    Head Office
    63 Yehuda Halevi St., Bank Hapoalim Bldg., Tel Aviv 65781
    Tel: 972-3-5673800; Fax: 972-3-5674576

    Date: May 11, 2008
    Reference: 802/08

 To:    The London Stock Exchange


    Dear Sir or Madam, 

    RE:    Immediate Report

    In accordance with the Securities (Periodic and Immediate Reports) Regulations, 5730-1970, Bank Hapoalim B.M. (hereinafter: "the Bank")
hereby advises that on 11th May, 2008 the Bank received a statement of claim and an application for the approval and prosecution thereof as
a class action pursuant to the Class Actions Law, 5767-2006, which were filed in the District Court of Tel-Aviv against the Bank and against
directors, the Chief Executive Officer and controlling parties of the Bank.

    The personal claim specifies an amount of NIS 5,889, whereas the class action does not specify an amount in relation to all members of
the group since according to the plaintiff it cannot be assessed at this stage.

    The plaintiff alleges in his claim that the defendants were in violation of the provisions of the Securities Law and the regulations
made thereunder, in that contrary to law, they did not publish at the required time (30th August, 2007) the entire material information,
pertaining to the condition of the Bank, concerning the investments made by the Bank in financial instruments and its exposure to risks
arising therefrom (hereinafter: "the information about the Bank's investments").

    The plaintiff defined the members of the group which he claims to represent as all those who purchased shares of Bank Hapoalim B.M.
between the dates 1st September, 2007 and 10th January, 2008 (hereinafter: "the Determination Period") and who did not sell the shares so
purchased (or any portion thereof) prior to 8th November, 2007, with the exception of the [respondents] and/or any one on their behalf
and/or bodies connected with them.

    The subject matter of the claim are the pecuniary damages which the plaintiff alleges were sustained by the plaintiff himself and by the
rest of the members of the group, as a result of having purchased shares of the Bank in the course of the Determination Period, without
having in their possession the information about the Bank's investments. He alleges that in the Determination Period the price of the share
of Bank Hapoalim gradually went down each time information about the Bank's investments was given to the public, and in all, during the
Determination Period, its price fell by a total of 9%. As a result thereof, he alleges that the members of the group paid for the shares
that they purchased an excess of price which they should not have paid if the defendants had published in good time all of the information
about the Bank's investments.
     
The remedies sought by the plaintiff are, inter alia, to recognize the claim as a class action, to establish that the defendants were in
violation of the Securities Law and the regulations thereunder, to obligate the defendants jointly and severally to pay to the plaintiff and
to the members of the group the amounts of damages which he alleges were sustained by them and to obligate the defendants to pay the
plaintiff recompense and his costs and Advocates' fees.






    Yours faithfully,

    Bank Hapoalim B.M.

     ( - )                                                             ( - )

 Ilan Mazur, Advocate    Yoram Weissbrem
 Chief Legal Adviser      Secretary of
                            the Bank

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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