JERUSALEM Jan 20 Bank Leumi (LUMI.TA) signed a
plea bargain agreement on Sunday to put an end to a year-long
case over allegations that employees at the bank and some of its
units breached the country's Joint Investment Trust Law.
Leumi said in a statement that under the deal, Leumi and its
units will pay a fine totalling 25 million shekels ($6.6
million), to be divided between the bank and units. The bank and
subsidiaries admitted to the facts in an amended indictment, it
Last March, Leumi and its Leumi Pia mutual fund and Psagot
Ofek brokerage units were hit with an indictment that employees
offered rewards to investment advisers who marketed Leumi mutual
Leumi, which has sold Psagot Ofek and Leumi Pia, maintained
that executives and advisors acted in the best interests of its
A ruling by a Tel Aviv court on the plea deal was expected
on Jan. 24, Leumi said.
(Reporting by Steven Scheer, editing by Elizabeth Fullerton)