After more than 13 years of litigation, a significant milestone has been reached in insurance class actions. Last Thursday, motions were filed with the court seeking approval of settlement agreements in five class actions concerning the date from which interest on insurance benefits should be calculated.
Our firm represents Harel and Phoenix in the proceedings. The settlements involving the two companies provide for compensation totaling approximately NIS 152.4 million. Overall, the five settlements amount to approximately NIS 310.7 million, subject to court approval.
In addition to compensation for past claims, the settlements also establish a framework governing the future submission of insurance claims and the date from which interest will accrue — with potential implications for the handling of insurance claims across various lines of insurance.
We are proud of the team that has handled these complex proceedings over the years: Ido Chitman, Edan Regev and Guy Yarom.
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