Bank Hapoalim Revamps Trading Platforms After Class Action Settlement
Bank Hapoalim will update its trading platforms following a class action settlement, introducing clearer real-time data markers and digital signup options.
Bank Hapoalim will implement a series of changes to its trading website and mobile application following a motion for a class action approved by the Haifa District Court. The legal move, led by attorneys Naomi Katz and Vered Messika-Chayot, addressed claims that the bank allegedly failed to clearly disclose whether capital market data was provided in real-time or with a 15-minute delay.
Digital Platform Updates and Disclosures
Under the terms of the settlement, Bank Hapoalim agreed to execute several improvements within 90 days. These include adding a clock icon next to securities delayed by 15 minutes on the trading website, while real-time data will feature a green circle icon to ensure visual distinction. A clear legend explaining these markers will also be introduced.
For the trading app, the home screen text regarding data delays will be updated and emphasized across all screens. The bank also committed to enabling digital signatures for real-time foreign exchange data directly through the mobile app, replacing older text boxes with a clearer link titled "Joining real-time data for selected foreign stock exchanges."
Court Ruling and Legal Compensation
Judge Mohammad Ali approved the settlement, noting that the motion provided substantial value to the class group by improving transparency and accessibility. The court ordered Bank Hapoalim to pay the petitioner 36,000 NIS in compensation and 150,000 NIS plus VAT in legal fees to the attorneys.
"The motion brought significant benefit to group members. The bank committed to acting to change and improve the presentation of delay data across various platforms," Judge Ali stated in his ruling.
Bank Hapoalim stated that the petitioner withdrew the lawsuit without financial compensation to the group members, and that the bank agreed to the interface improvements as a goodwill gesture without admitting any liability.
