Bank Hapoalim Secures Historic Settlement in Supreme Court Derivative Claim
Bank Hapoalim, one of Israel’s largest financial institutions, has obtained Supreme Court approval for a USD 135 million (approx. NIS 500 million) settlement in a high-profile US tax-related derivative claim—the largest of its kind ever approved in Israel.
The Supreme Court rendered its judgment after the appellant withdrew his objections to the settlement’s approval in the District Court, following the court’s recommendation after hearing all parties. Upon the judgment’s finalization, Bank Hapoalim will recognize a profit of NIS 380 million in its third-quarter financial reports.
The case marks a significant precedent in shareholder litigation and financial accountability in Israel’s banking sector.
Arnon, Tadmor-Levy represented the bank before the Supreme Court in the hearing approving the bank’s settlement in the U.S. tax case. The matter was led by Litigation head Barak Tal, alongside partner Roy Sasson and associate Ofek Sinai.
