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Insights & News / Commercial Litigation
October 14, 2016
David's Geller Claim Against Yitzchak Omer Dismissed
As previously reported, Geller filed a lawsuit alleging fraud involving nearly ILS 70 million. Although the District Court dismissed the principal fraud claim, it ordered Omer to pay Geller several million shekels, finding that the funds had been advanced as a loan. Both parties appealed to the Supreme Court, which dismissed Geller’s appeal in full, allowed Omer’s appeal and referred the case back to the District Court. This week, after nine years of litigation, the District Court dismissed the action in its entirety, accepting Omer’s argument that the funds had been transferred as part of a share purchase transaction. The Court ruled that, in these circumstances, Omer was required neither to repay the funds nor to transfer any shares.