Bank Hapoalim Agrees to Website and App Changes After Lawsuit

Bank Hapoalim will implement significant changes to its trading website and mobile application following a class-action lawsuit filed against it last year. The lawsuit alleged that customers were not clearly informed that some securities data was presented with a 15-minute delay. The bank, while denying the claims, reached a settlement agreement approved by the Haifa District Court.

According to the settlement, within 90 days, Bank Hapoalim will visually distinguish delayed securities data on its trading site with a clock icon and real-time data with a green circle. These indicators will be prominently displayed with explanations. The mobile app will be updated to clarify that Israeli securities data is real-time, while foreign securities data is delayed by 15 minutes, subject to the bank's terms.

Furthermore, the bank has committed to allowing customers to subscribe to real-time data from three foreign exchanges, New York, NASDAQ, and OPRA, directly through the app. Previously, this required using the trading website. The app will now facilitate digital signing of subscription documents, and related service links will be updated to reflect the availability of real-time data from selected foreign exchanges.

The court approved the plaintiff's withdrawal from the proceedings, acknowledging the substantial benefit the lawsuit brought to the group members. Bank Hapoalim will pay the plaintiff NIS 36,000 and their legal representatives NIS 150,000 plus VAT.

Bank Hapoalim emphasized that these interface improvements are being made voluntarily and do not constitute an admission of the lawsuit's allegations. The bank stated that data for the Tel Aviv Stock Exchange and major US exchanges are already provided in real-time, while other exchanges' data is delayed.