In two recent judgement handed down by the District Court of Tel Aviv the court discussed the implication of placing criminal liability on directors and officers and reached contradicting conclusions.
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Recently the District Court of Tel Aviv adopted a narrow interpretation to Regulation 482 in order to prevent potential plaintiffs from taking advantage of the willingness of foreign companies to resolve disputes between the parties in order to subject them to the jurisdiction of the Israeli Court system.
Recently two Court rulings were handed down, in which the courts referred to several aspects of a derivative claim: Only in rare circumstances will a derivative claim be dismissed in limine; a Derivative Claim Cannot be Filed by a Former Shareholder.
On 24 April 2009 the Haifa District Court handed down its decision in an insurance claim filed by Sky Club Ltd - C.F.270-00. In its decision, the District Court ruled that an insurer which failed to pay insurance benefits on time may be obliged to compensate the insured for the damage it suffered as a result of the delay.
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In two Court rulings handed down recently, the Court imposed personal liability on the D&Os towards employees of the company.
By Yael Navon, Adv.
In a precedent decision handed down by the Tel Aviv District Court on 7th October 2008, the Court ordered the largest milk distributor in Israel - TNUVA - to compensate its milk consumers for mixing silicon into its products and concealing this fact from the public. The sum awarded by the Court is the highest compensation ever awarded in a Class Action in Israel.
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 1st 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.
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