The lawsuit was filed following an investigation conducted by the Antitrust Commissioner against the banks on suspicion of coordinating the prices of the various bank fees.
The lawsuit alleges that this conduct of the banks violates a number of provisions of the law, especially the Antitrust Law and the Consumer Protection Law.
After several years of litigation and a settlement between the Antitrust Commissioner and the banks, an application was submitted to the court for approval of a settlement according to which the banks undertook to return to their customers a total of NIS 35 million which would be divided proportionally. 6/30/2008
At this stage, the Honorable Court ordered the publication of an advertisement in the newspaper regarding the submission of the application for approval of the settlement, as well as the sending of the application to the Attorney General, the Supervisor of Banks and the Antitrust Commissioner for their position.
After accepting the position of the parties as stated above and in the event that no objections are received from the members of the group, the court may examine the approval of the settlement agreement or alternatively appoint an external examiner for the purpose of examining the settlement agreement.
After the final approval of the court and the validity of a judgment for the settlement agreement, the actual implementation of the settlement agreement will begin.
