80OA Qnb Fin 35

    RNS Number : 4335Y
  Bank Hapoalim B.M.
  07 July 2008
   

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

    Date: July 06, 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 3rd July, 2008, in the hours of the afternoon, there were received by the Bank a statement
of claim and an application for the approval and conduct thereof as a class action pursuant to the Class Actions Law, 5766-2006, which was
filed with the District Court of Tel-Aviv-Jaffa against the Bank and against Bank Leumi Le'Israel B.M. and Israel Discount Bank Ltd. (the
Bank, Bank Leumi Le'Israel B.M. and Israel Discount Bank Ltd. being hereinafter referred to jointly as "the Respondent Banks").

    The amount of the class action as specified in the statement of claim is NIS 3 billion.

    The cause of action according to the plaintiffs, are restrictive arrangements which were supposedly instituted by the Respondent Banks
over a period of about 10 years continuously, or even more than that, at the basis of which, according to the plaintiffs, is the
coordination of the prices of the various operational fees which were collected by the Respondent Banks from their private customers at
large during the period which is relevant to the claim. As alleged in the statement of claim, the Respondent Banks coordinated among
themselves the times when the prices of the fees were raised and/or reduced as well as their rates and as a result the plaintiffs and the
members of the group which they seek to represent, paid an unfair, unreasonable and uneconomic price, far above the price they would have
paid if free competition had prevailed. The plaintiffs allege that in this way the Respondent Banks were unjustly enriched at the expense of
their customers.

    The plaintiffs defined the members of the group which they seek to represent as any person who is or who was the holder of a current or
revolving debitory account with the Respondent Banks commencing 1st January, 1999 and up to the date on which the claim was filed or part of
that period.

    The plaintiffs allege that their claim relies on causes of action based on breaches of the Restrictive Trade Practices Law, 5748-1988,
the Trust Law, 5739-1979 and the Unjust Enrichment Law, 5739-1979. The plaintiffs also allege that the conduct of the Respondent Banks also
constitutes a civil wrong under the Civil Wrongs Ordinance and material deception under the Consumer Protection Law, 5741-1981.



    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 
 
MSCIIFVTDLIDIIT

Qnb Fin 35 (LSE:80OA)
Gráfico Histórico do Ativo
De Jan 2025 até Fev 2025

Qnb Fin 35 (LSE:80OA)
Gráfico Histórico do Ativo
De Fev 2024 até Fev 2025