ProfiMax Loses $4 Million Lawsuit Over Tech Real Estate Venture
Translated & summarized from TheMarker by baba
Real estate investment firm ProfiMax lost a NIS 15 million lawsuit against a couple it partnered with on a tech real estate product. The Tel Aviv District Court dismissed the case, ruling the exclusivity agreement was not breached. ProfiMax must pay NIS 640,000 in expenses and plans to appeal.
The story in 4 lines · by baba
- ProfiMax lost a NIS 15 million lawsuit against a couple over a tech real estate venture.
- The court ruled the exclusivity agreement was not breached due to modified understandings.
- ProfiMax must pay NIS 640,000 in legal expenses.
- The company plans to appeal the decision to the Supreme Court.
ProfiMax, a company specializing in overseas real estate investments, has lost a NIS 15 million lawsuit against a couple with whom it partnered on a technological real estate product. ProfiMax had accused the couple of breaching their agreement and engaging in competitive activities. The Tel Aviv District Court, presided over by Judge Gershon Gontovnik, dismissed the case this week, ruling that the strict exclusivity clause in the agreement did not survive subsequent modifications to their understanding. The judge stated that "subjective feelings do not determine" the outcome.
Following the ruling, ProfiMax is obligated to pay NIS 640,000 in legal expenses. The company, owned by Elhanan Rosenheim, has announced its intention to appeal the decision to the Supreme Court.