Bank Hapoalim Agrees to App, Website Changes After Class Action Lawsuit

Bank Hapoalim will implement significant changes to its trading app and website following a class action lawsuit filed against it last year. The settlement, approved by the Haifa District Court, involves the plaintiff withdrawing the class action request before certification in exchange for improvements beneficial to the public. The lawsuit's core claims were that the bank failed to provide real-time securities data to its trading clients, misleadingly presenting delayed information as live, and that disclosures about data delays were in tiny, unhighlighted print.

Bank Hapoalim had argued that the claims were inaccurate, stating that data from the Tel Aviv Stock Exchange and major US exchanges was provided in real-time, while only other exchanges had a 15-minute delay. The bank also asserted that delay information was clearly communicated through various channels, including during account opening, platform logins, and within the terms of use, and was displayed prominently on trading screens.

After several months of discussions, the parties reached an agreement. The bank committed to making several improvements within 90 days. These include adding distinct visual indicators on the trading platform: a clock icon next to delayed data (15-minute delay) and a green circle next to real-time data. A legend explaining these symbols will also be added. The trading app's home screen will be updated to clearly state, "Israeli securities data in real-time / Foreign securities data with a 15-minute delay." This clarification will also apply to clients who do not currently receive real-time data for Israeli securities.

Additionally, the bank will allow clients to digitally sign up for real-time data from three foreign exchanges (New York, Nasdaq, OPRA) directly through the app, replacing the current link with "Subscription to real-time data on select foreign exchanges." The court approved the plaintiff's withdrawal from the lawsuit, awarding the plaintiff 36,000 shekels and their lawyers 150,000 shekels plus VAT. The judge noted the significant benefit to the class members due to the improvements in data presentation and access to real-time information, especially given the bank's large customer base.