The Supreme Court gives the green light for an NIS 45 billion ($12.7 billion) class action suit against the private consortium that operates Israel’s only functioning natural gas production complex.
In a ruling against the consortium’s appeal to reject the class action bid, the court also orders the consortium to pay legal costs of NIS 40,000 ($11,300), the Globes financial daily reports.
The petitioner, one Moshe Nazri, suing as a consumer of electricity, claims that that the companies are exploiting their monopoly over the Tamar gas field to charge the Israel Electric Corporation unfairly high prices.
Among the companies targeted by the suit — the biggest in Israel’s history — are Isramco, Dor Energy, Delek Drilling, Avner Oil & Gas Exploration, the Delek Group and US-based Noble Energy.
— Sue Surkes
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