Ilan Raviv CEO of Meitav Dash (photo by Rami Zranger Yachatz)
After a ruling in the Tel Aviv District Court on August 25, 21 by Judge Dr. Michal Agmon Gonen, who ruled that Meitav Dash charged management fees from some of the members in violation of the agreements between them and the ruling stated that Meitav Dash must return management fees to members of the represented group. Which charged more (NIS 289,139 million as of January 1, 2016), another decision was reached.
A supplementary judgment was rendered today in two matters. First, in determining the amount of the updated return for the members of the group, since the expert’s opinion was updated to the date of its submission, and Meitav Dash continued to charge management fees even after that. It was also necessary to add the linkage differences and interest to the amounts overcharged. The supplementary ruling states that the total amount that Meitav Dash must pay is NIS 399,984,000.
More in-
In addition, the supplementary judgment deals with the remuneration of the representing plaintiffs and the fees for their attorneys, taking into account the considerations set forth in the law in this regard, and distinguishing between investment and risks taken by the representing plaintiffs and their attorneys, and parameters such as management fees (calculated from the return The group, which must be taken into account to a limited extent in the ruling on remuneration and fees.
Judge Agmon Gonen emphasized in this regard that: “In lawsuits in which large sums are decided (more than NIS 100 million), it is appropriate to separate the significant effect of the considerations to be considered regarding remuneration and fees (considerations of input, output and guidance) on the outcome of the lawsuit.” The group, and their lesser effect on the high sums received by the group, which are not a direct result of action in the non-representative power, but stem from the characteristics of the lawsuit and the represented group. The management fee collected), the number of members, and the length of years in which these amounts were collected (including interest and linkage differences). ”
Considering these considerations, and according to the tiered percentage method, the representative power attorneys were awarded a fee in the total amount of NIS 15,835,255. In addition, compensation to the representing plaintiffs (Greenberg and Lewinard) in the amount of NIS 2.3 million, we were 1,150,000 each. It was further determined that since the class members received significant consideration from the proceeding, fees to the representing attorneys, and the remuneration to the representing plaintiffs, will be paid out of the total amount that Meitav Dash must transfer to the class members.
In light of the fact that this is a significant amount, and in order to allow Meitav Dash to organize for the purpose of payment and locate the group members who are no longer members of Meitav Dash, it was determined that Meitav Dash will transfer the amount to the group members on 1.3.22.
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