Bank Leumi Le-Israel Ltd faces a class action lawsuit from its shareholders in Israel over its handling of tax evasion probe by the US.
As reported by Reuters ‘the suit alleges that the conduct of the bank and the directors on matters regarding the investigation of US authorities caused damage to the bank’s shareholders’. The lawsuit is worth about $119m. A Tel Aviv district court must approve whether it will allow the class action suit to proceed.
In December Bank Leumi agreed to pay $400m to the US Department of Justice and New York state to settle investigations into whether the bank helped wealthy Americans evade taxes through for example its Swiss offices.