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Economy05:36 · 42m ago

Phoenix Insurance to Pay $20 Million in Class Action Settlement

By אסא ששון
Translated & summarized from TheMarker by baba
The story · English

Phoenix Insurance Company has agreed to a NIS 74 million (approximately $20 million) settlement in a class action lawsuit. The suit alleged that the company improperly retained interest earned on policyholder funds, effectively keeping the earnings for itself.

The settlement, which still requires court approval, aims to resolve claims that Phoenix failed to distribute the interest generated by these funds to the policyholders as required. The company has not admitted any wrongdoing as part of the agreement.

This case highlights ongoing scrutiny of financial institutions regarding their handling of customer funds and the interest they accrue. The resolution of this lawsuit will bring a close to a significant legal challenge for Phoenix Insurance, though the exact terms and distribution plan for the settlement funds will be determined by the court.

Read the original at TheMarker
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