Our firm successfully represented four pension plan agencies owned by Clal, Migdal and The Phoenix, in a petition to the High Court of Justice, which had been filed against a judgment handed down by the National Labor Court which had dismissed an appeal against a decision denying a petition for the certification of a class action in the amount of approximately NIS 400 million, which had been filed against the pension plan managers, on the grounds that they had allegedly breached their fiduciary duties to those employees whose pension plans they had managed, by joining forces with the employers, in order to subsidize the costs of the pension operating fees – at the employees’ expense. After we filed a preliminary response to the petition, the Supreme Court dismissed the petition in limine, in the absence of a cause of action for intervention, while accepting our arguments and ordering the petitioners to bear the court costs of the pension plan managers.
September 07, 2023
