80OA Qnb Fin 35

    RNS Number : 7439C
  Bank Hapoalim B.M.
  04 September 2008
   

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

    Date: August 28, 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 28th August, 2008 at about noon, there were received by the Bank a statement of claim and an application for the
approval and prosecution thereof as a class action under the Class Actions Law, 5766-2006, which were filed with the District Court in
Jerusalem against the Bank and against Poalim Trust Funds Ltd., a company controlled by the Bank which managed trust funds (hereinafter:
"the Manager"), against Almagor - Brightman Trusts Ltd. and against the Securities Authority as a formal respondent.

    The amount of the class action specified in the statement of claim is NIS 834 million.

    The applicant alleges that he and the claimants whom he wishes to represent, were unit holders of the further study funds that were
managed by the Manager and account holders with the Bank which served as a distributor within the meaning thereof in the Joint Investment
Trust Law, 5754-1994 (hereinafter: "the Investment Law") and through which all of the purchases, sales and adjustments of value of the units
were made. According to him, the consideration received in return for the transfer of the control of the assets of the trust funds, the
management thereof and the trusteeship thereover, by the Manager to other managing companies, belongs to the trust funds and the unit
holders thereof and not to any of the defendants receiving such consideration.

    According to him, such consideration "is the fruit produced by the assets of the trust funds" and therefore it is profit which belongs
to the unit holders of the trust funds and the defendants are not entitled thereto, as according to the Investment Law, a company which
manages trust funds is entitled only to expenses and management fees.

    The applicant further alleges that the defendants have been unjustly enriched and that they have breached statutory duties contained in
the Contracts Law, the Agency Law, the Trust Law, the Banking (Licensing) Law, the Basic Law: Human Dignity and Freedom and in breaching
these statutory duties they have caused damage to the claimants under the Civil Wrongs Ordinance.

    The extent of the damage claimed is all of the proceeds received for the assets of the trust funds which were under the management and
trusteeship of the Manager. The applicant alleges that the amount stated in his claim is an estimated amount and he asks the Court to allow
him to amend this amount, as required, after he receives from the defendants information about the value of the assets the control over
which was transferred, the amount of the proceeds received by the Bank and the value of the units which stood to the credit of the claimants
at the time of the transfer of control over the trust funds - information which he requests the Court to order the defendants to disclose. 

    The main remedy requested of the Court is to establish that the amount of the proceeds belongs to the trust funds and to the unit
holders thereof and to order the defendants, jointly and severally, to transfer the proceeds in favour of the unit holders, according to
their relative share and to pay damages as may be determined by the Court to the unit holders and to reward the claimants.

    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
 
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