Bank Hapoalim to Update Trading App and Website After Class Action Lawsuit

Bank Hapoalim will implement several changes to its trading website and mobile application following a class action lawsuit filed against it last year. The bank reached a settlement with the plaintiff, approved by the Haifa District Court, which involves the plaintiff withdrawing the class action request before certification in exchange for improvements benefiting the public.

The lawsuit's core claims were that the bank failed to provide real-time stock market data to its clients, despite presenting it as such on its platforms, with actual delays of up to 15 minutes. The second claim alleged that even when delays were disclosed, the information was in small, unhighlighted print.

Bank Hapoalim contested these claims, arguing that data from the Tel Aviv Stock Exchange and major US exchanges were provided in real-time, while only other exchanges had a 15-minute delay. The bank also stated that delay information was communicated at multiple points, including during account opening, platform logins, and within the terms of use, and was clearly displayed on trading screens.

Following months of discussions, the parties agreed on specific changes to be implemented within 90 days. These include introducing distinct visual cues on the trading website: a clock icon for delayed data and a green circle for real-time data, with a legend explaining their meanings. The trading app will feature an updated, bolded statement clarifying that Israeli securities data is real-time, while foreign data is delayed by 15 minutes, except for select exchanges. The bank also committed to allowing digital signing of documents for real-time foreign data subscriptions within the app, replacing the current link with clearer text indicating the option to join real-time data services for select overseas exchanges.

The court approved the settlement, ordering Bank Hapoalim to pay the plaintiff NIS 36,000 in compensation and NIS 150,000 plus VAT for legal fees. Judge Mohammed Ali noted the significant benefit to the public, highlighting the improvements in data presentation and access to real-time services, especially given the bank's large customer base.