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Israel Corporation Ltd Involved In Class Lawsuit


Sunday, 1 Sep 2013 02:12am EDT 

Israel Corporation Ltd announced that August 29, 2013, a motion for certification of class action against the Company, Israel Chemicals Ltd, PotashCorp Agricultural Cooperative Society Ltd, the members of the Board of Directors and the Chief Executive Officer of Israel Chemicals Ltd, was filed with Tel Aviv-Yaffo District Court. The motion alleges a misleading detail, general misleading and non disclosure of an essential detail in the Company’s reports, in contravention of the provisions set forth in the Securities Law and the general law, regarding the “Company’s being party to a cartel, or, the Company’s participating in prices adjustment, or, the Company’s being directly affected by cartel’s very existence or the fear of the cartel’s existence or the fear of prices adjustment, or, participation in joint marketing of principal factors in the potash market.” The motion alleges the Company enjoyed directly and in a significant manner, from the cartel or prices adjustments, or from that the price of the Company’s principal product, which, in turn, influences its profits and incomes, is not brought about by market factors, but by price adjustment and artificial mechanisms.” The alleged aggregate damage cause to the plaintiff, by the defendants’ actions, are estimated at either NIS 2.75 billion or NIS 3.28 billion. 

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