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July 3, 2023
Avishay Klein and Eyal Nachshon in TheMarker
TheMarker’s Ahad Ha’am magazine published an op-ed by Dr. Avishay Klein on the Israel Securities Authority’s latest guidelines on cyber risks (page 4). The magazine also conducted an interview with Eyal Nachshon on the increase in scope of class action lawsuits against public companies in Israel (page 11). Eyal addressed, among other things, his representation of several companies in a recent series of digital accessibility class action lawsuits.
July 2, 2023
Investments via SAFE as a Tax Event
For the first time, the Israel Tax Authority has announced its position regarding investments via SAFEs. It determined that, under particular circumstances, the investment is to be considered an advance on a share investment account.
July 2, 2023
Material Adverse Change (MAC) Clauses in M&A Transactions
MAC clauses are designed to protect buyers from adverse changes in the company they are acquiring. However, because there is no single, precise, and all-encompassing definition of these types of changes, and because courts are in no hurry to adjudicate cases involving MAC clauses, it is important to know how to draft them as clearly and explicitly as possible.
June 29, 2023
Doing Business in Israel: Lecture by Yuval Lazi
Today, we hosted a group of foreign entrepreneurs, who arrived in Israel as part of a delegation organized by the Ministry of Foreign Affairs. As part of the event, Yuval Lazi lectured on the legal challenges of doing business in Israel and how to get it right.
June 29, 2023
Bitcoin Rises: Dr. Zvi Gabbay Responds to BlackRock’s Extraordinary Move
BlackRock, the world's biggest asset management company, has announced the launch of a bitcoin exchange-traded fund. This has led to Bitcoin hitting a more than one-year high. Dr. Zvi Gabbay, head of the firm’s Capital Markets Department, explains the rationale behind BlackRock's move in an interview with Globes.
June 28, 2023
Representing a Billionaire in a Dispute with His Former Son-in-Law
A tumultuous seven-year family conflict ended with the issuance of a ruling by Israel’s Supreme Court. The Court ruled in our client’s favor that funds allocated by him for the benefit of his daughter and which were managed by his former son-in-law in various investments were meant to be held in trust and were not given as a gift, as the son-in-law claimed.
The Supreme Court ruled that a trustee will be appointed to manage the trust in accordance with its goals, that the former son-in-law must return the funds to the trust, and that the trustee shall be entitled to take any action necessary to recoup all of the trust’s assets, including the funds the son-in-law allegedly embezzled. In addition, the Supreme Court ordered the son-in-law to bear our client’s legal fees and expenses amounting to NIS 1.25 million.
Zohar Lande, Gal Livshits, Adi Shoham, Zohar Haim Levinger, and Liron Dahan provided representation in this matter.
June 28, 2023
Co-Hosting with Dueti a Meetup on the HR and Manager Relationship
Our firm co-hosted with Dueti a meetup for HR managers from a number of leading firms in Israel. Netta Bromberg, the head of our firm’s Employment Department, opened the meetup with a lecture on the legal aspects of HR interfaces and employee management. Seven HR managers also lectured as part of the event.
June 27, 2023
Reading Financial Reports: Lecture on Legal Issues
Our firm is hosting the Israeli Association of Corporate Counsel’s course on how to read financial reports for in-house legal counsels. The duration of the course is eight sessions. In today’s session, Elad Reshtick lectured on company valuations, dividend distribution tests, pro-forma financial statements, and more.
June 26, 2023
Hosting a Delegation of Entrepreneurs from Mexico
We hosted a delegation of entrepreneurs from Mexico, who arrived in Israel to learn about investment opportunities in the Israeli high-tech market. As part of the delegation’s visit, Ariella Dreyfuss lectured on the legal aspects of doing business in Israel.
June 25, 2023
Competition Law: Massive Fines for Harming Parallel Imports
The amendment is part of the government’s efforts to bring down the cost of living by increasing competition in the import sector. However, the amendment also imposes considerable restrictions on direct importers.
June 22, 2023
How to Conduct Board and Committee Meetings
Minutes of board meetings and board committee meetings have become a key tool for Israeli courts when examining directors’ conduct against the business judgment rule. Therefore, it is important to know how to record, document, and distribute minutes.
June 20, 2023
Class Actions Law: Eyal Nachshon Lectures on Israeli Association of Publicly Traded Companies Webinar
Eyal Nachshon, a partner in our firm’s Litigation Department, was invited to lecture on a webinar hosted by the Israeli Association of Publicly Traded Companies. Eyal discussed a recent case involving 70 simultaneous digital accessibility class action lawsuits. Also lecturing as part of the webinar were representatives from the Ministry of Justice and the Israel Securities Authority, who served as members on the committee examining the recently published amendment to Israel’s Class Action Law.
June 20, 2023
Azrieli Group to Sell Stake in Compass Data Centers for ILS 3.2 Billion
Adv. Ariella Dreyfuss has been representing Azrieli in its ongoing investments in the data centers field. Following its 2019 acquisition of 20% of Compass for USD 135 million, Azrieli announced yesterday an agreement for the sale of Compass to Brookfield Infrastructure. Compass Data Centers is one of the largest developers of data centers in the world.
June 19, 2023
Default Arrangements in Israeli Investment Funds – Unwritten Provisions in Partnership Agreements
Many investors and fund managers are unaware that a simple reading of the relevant partnership agreement is not sufficient to get the “full picture” of the legal conditions that apply to their specific limited partnership.
June 19, 2023
Barnea: Eshkolot vs. Netflix
In a new section of Globes covering significant rulings from the past week, a judgment was published in which our firm represented Eshkolot. The case involved a lawsuit filed by an Israeli copyright company against Netflix. The company sent the claim to Netflix's Israeli lawyer, with whom they had corresponded, but he claimed he was not authorized to represent the company. In the absence of an explicit power of attorney, the court ruled that the claim was properly served to the company. Eshkolot is represented by Attorney Eyal Nachshon.
June 19, 2023
Barnea: Hosting Conference on Tenders in Collaboration with ACC Israel
We hosted a conference on tenders at our office in collaboration with ACC Israel. The event featured discussions on tender negotiation strategies, the role of competition in tenders, and insights into submitting tenders in the US. Among the guest speakers were Joy Sturm, a partner from the international firm Hogan Lovells, who participated in a panel with Shai Avnieli. Another keynote speaker was Gal Somech, legal advisor to the Haifa Port, who addressed the port’s privatization process.
June 18, 2023
ICA Takes Broad Enforcement Measures against Food Suppliers
As part of a series of measures to combat the cost of living, the Israel Competition Authority’s Director General is taking broad law enforcement measures for the first time against major food suppliers for violations of the Food Law. Inter alia, the Food Law prohibits food suppliers and retailers from engaging in various commercial arrangements that could prevent small suppliers or retailers from competing.
June 16, 2023
Inbar Gorelick Lectures to “Female Entrepreneurs on Campus” at Tel Aviv University
Adv. Inbar Gorelick was invited to Tel Aviv University to lecture as part of the “Female Entrepreneurs on Campus” project
Inbar discussed what to take into consideration when incorporating a company, the importance of founders agreement and intellectual property protection.
June 13, 2023
Unprecedented Sanction for Failing to Provide a Full Response to the Israel Competition Authority’s Demand for Data
This is not the first time the Israel Competition Authority has imposed sanctions on companies that fail to respond adequately to its demands for data. However, this is the highest sum ever imposed for such a violation and approaches the maximum the ICA’s Director General may impose in this regard.
June 12, 2023
Roy Engel Lectures on Hedge Funds, VCs, and PEs
As an expert in the funds area, Roy was invited to lecture to a course led by the Israel Financial Institute (IFI) for 50 managers of Altshuler Shaham. Roy discussed types of alternative investments and both the legal and the administrative/supervisory aspects of the structure of funds.