Business
Accountability
Representative Compromise: Psagot College will provide free capital market courses
In a class action lawsuit filed against the College of Capital Market Studies, it was argued that contrary to publications and promises that customers' money would be refunded to them in the event that the college's recommendations did not yield them profits, the money was not refunded.
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Class action
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Business
Thursday, 07 January 2021, 09:18
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Psagot College, which deals with capital market studies and investments on the stock exchange, promised its customers refunds in the event that they do not benefit from the investments they made in accordance with the college's recommendations, but in practice evaded repaying the money.
This was alleged in a class action lawsuit filed against the college and its two owners.
The representative plaintiff, Moshe For, was a client of the college, and according to him the college and its owners refused to return his money.
The court recently approved a compromise agreement signed between the parties, according to which the college will allow each member of the group to receive digital purchase tokens up to NIS 200. NIS 2.85 million, or alternatively sign up for one of the 12 courses offered by the college for free.
The representative plaintiff will receive NIS 180,000 and the attorneys who represented him will receive NIS 450,000.
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Adv. Ram Gorodisky (Photo: Haim Cohen)
Through attorney Ram Gorodisky, the plaintiff claimed that Psagot College published in many media outlets that it was committed to making profits for its clients, under the headline: "You did not earn - you did not pay." In accordance with these commitments, if the client did not make a profit based on recommendations The college, his money will be refunded to him, but despite the explicit agreement, when the plaintiff applied and asked for a refund after not earning, college representatives avoided doing so.According
to the plaintiff, the college violated the law by misleading its clients when presenting them with imaginary profitability Investments Although it is not licensed to engage in it, it violated the rules of cancellation of an ongoing transaction in the Consumer Protection Act and customers signed a uniform contract that is misleading and discriminatory.In
a minimalist estimate, the plaintiff claimed the group on whose behalf he sued included 5,000 college clients.
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