The Attorney General Opposes the Ma’ariv Settlement: “IDB Was Operating Without Authority”
A settlement approved by the IDB Board of Directors dictates that the former directors shall compensate the Company for NIS 100 million ■ The Attorney General criticized the Company: “The Board of Directors approved the settlement without the approval of the court, and even though it was aware that the plaintiffs were opposed to it"
The Attorney General, Dr. Avichai Mandelblit, submitted his position to the court yesterday in the matter of settlement in the derivative lawsuit filed by Ronen Adini & Co. against directors of Discount Investment Corporation. The Attorney General states that IDB management has exceeded its jurisdiction by accepting the settlement without the approval of the Court. For several months, the Honorable District Court Judge, Ofer Grosskopf, has had the settlement proposal on his desk which, if approved, will terminate the derivative claim filed against the directors DIC following the failed deal for the acquisition of Ma’ariv.
The proposal states that the directors shall compensate DIC for NIS 100 million via their insurance companies. However, the derivative plaintiffs and their attorneys are opposed to the agreement, claiming that the proceedings were formulated behind their backs. Now, the Attorney General gets involved as well, criticizing IDB’s conduct which, according to him, was operating outside of its jurisdiction when it approved the settlement.
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