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News & Events

Class Action Application against Meitav Dash Provident & Pension Funds Ltd for Charging Management Fees Contrary to the Agreements with Members is Approved

The Tel Aviv District Court has approved the class action approval application brought against Meitav Dash Provident & Pension Funds Ltd. The lawsuit was brought on behalf of every person and group of persons who contracted with Tagmulim Ltd or Gad Gmulim Provident Fund Management Co. Ltd until June 30, 2007 in order to participate in the Tagmulim self-employed and/or employee savings plan in consideration for management fees, as regards which it was provided that they would only be charged from the annual deposits, which Meitav Dash, after it had acquired management of the provident funds, deducted annually from the savings accrued in the provident fund over the years as a profit fund, and also on behalf of every person and group of persons, from amongst members of the regular army who contracted with Tagmulim Ltd or Gad Gmulim Management Co. Ltd until June 30, 2007 in order to participate in the Tagmulim self-employed and/or employee savings plan in consideration for management fees, as regards which it had been agreed that they would be at the rate of zero. The relief sought in the lawsuit is the restitution of the management fees charged contrary to the agreement and the award of an order restraining Meitav Dash from collecting management fees from the money accumulated.

The plaintiffs are represented by Ivtsan-Netzer-Wolecki & Co.

 The Hebrew judgement can be read here

 An article that was published at TheMarker site can be read here

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