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Introduction

The Class Action procedure was introduced into the Israeli legal system in 1988, when the legislature amended the Securities Law-1978 by enabling securities holders to file class actions.

In 1999, when the new Israeli Companies Law - 1999 was enacted, the provisions of the law concerning Securities Class Actions were incorporated into the Companies Law.

On 1^st March 2006 a new Class Action Law was enacted. The new law handled all matters in which class actions may be filed including securities, and set principles and requirements which apply thereto.

Despite the time which has elapsed since he Securities Class Action procedure was introduced into the Israeli Law, only recently, for the first time, in C.A. 345/03 Dan Reichart v. Moshe Shemesh and Others the Supreme Court handed down a judgement in which it imposed liability on a class action defendant.

By Adv. Peggy Sharon, Adv. Sharon Shefer and Adv. Revital Friedman 

A Class Action is a legal procedure which enables an individual to submit a claim on behalf of a large number of potential plaintiffs against the same defendant,  all of whom have a common cause of action which is based on common issues of laws and facts to be determined in one action. The class members are not named as individual parties but are described as a group. Although the members do not usually  take an active part in the litigation, a Court ruling will bind all members of the class.

 By Adv. Tammy Greenberg

On 29th July, 1997, the Israeli Parliament (the Knesset), approved an amendment to the Israel Insurance Business Control Law - 1981, (hereinafter: the Control Law) to include a specific chapter regarding class action.

Approval by the Court; Definition of the Class; Arrangement or Compromise; Special Indemnification and Compensation.