Discount Investment Corporation and the directors are asking the court to approve a NIS 100 million settlement
Adv. Ronen Adini, representing the Discount Investment Corporation shareholders, who filed the claim against the Company's directors in connection with the acquisition of “Ma’ariv”, are opposed to the settlement that, according to them, was plotted behind their backs. They claim that the settlement could have been higher.
In an urgent petition filed to the Center District Court, Ofer Grosskopf, the Defendant’s directors from Discount Investment Company and the company itself request to approve the settlement agreement for NIS 100 million in the derivative claim for the Ma’ariv acquisition transaction filed by our firm. The Judge approved the petition for the derivative claim nearly a year ago, while harshly criticizing the directors’ conduct during the hastily-approved acquisition, indicating that the directors at Discount Investment Company acted as Nochi Dankner’s marionettes, causing damages to Discount Investment Company amounting to NIS 360 million.
Most of the settlement amount (85%) will be paid by the insurance of the directors.
The Judge will now decide whether to approve the agreement in the derivative claim, despite the objections of the plaintiffs’ attorneys, Adv. Adini and Dekel.
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