Banks Face Class Action Over Unpaid Interest, Damages Estimated at NIS 20 Billion
Translated & summarized from TheMarker by baba
The story in 4 lines · by baba
- Judge approved a class-action lawsuit against four banks.
- Banks accused of unjustly profiting from customer checking account funds.
- Plaintiffs claim banks failed to pay interest on these accounts.
- Estimated damages for the class action now range from NIS 15 to 20 billion.
A judge has ruled that there is a reasonable chance a class-action lawsuit against four banks will succeed. The banks are accused of unjustly enriching themselves by using customer funds held in checking accounts without paying interest. Judge Shmuel Bornstein determined that the plaintiffs have a reasonable chance of prevailing in their claim.
Following the approval of the class-action request, the plaintiffs have updated their estimate of the damages. The revised estimate for the relevant three-year period now ranges between NIS 15 billion and NIS 20 billion. This adjustment reflects the period determined by the court for the lawsuit.
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