Amos Luzon Escapes Major Lawsuit Over Company Merger

Businessman Amos Luzon has been cleared of a significant lawsuit seeking tens of millions of shekels. The lawsuit, filed by two shareholders of the Luzon Group, Tim Walter and Israel Keller, had sought approval for a class-action suit against Luzon, other company directors, and the valuation firm C-Value. The suit, totaling 34 million shekels, centered on a merger deal between Luzon Group and the financial technology company "Tria P2P".

The shareholders alleged that the valuations presented before the merger were incorrect, leading to a loss in stock value. They presented expert opinions to support their claims for damages. However, the Tel Aviv District Court dismissed the class-action suit, ruling that any alleged damages were to the company itself, not directly to the shareholders. The court stated that such claims should be pursued through a derivative lawsuit, not a class action.

Furthermore, the court determined that the plaintiffs did not have an individual claim under the Securities Law, as they had not bought or sold securities around the time of the merger. Their request to amend the lawsuit was also denied. Luzon Group and its officers were represented by attorneys Yaron Kostelitz and Aviad Shaulzon.