.png){kind=small}
The Israeli Supreme Court ruled for the first time that a monopoly that charges unfair excessive prices violates the Israeli Economic Competition Law and may be sued in class action lawsuit
September 2022
In a precedential ruling of the Israeli Supreme Court, it was established for the first time that Israeli law prohibits a monopoly from charging unfair and excessive prices and that consumers may seek relief by filing class action lawsuits.
The Supreme Court ruled that the prohibition is necessary to prevent the exploitation of market power to rake in significantly higher profits than the competitive price and also to deal with the high cost of living in Israel. However, because the enforcement of the prohibition requires courts to intervene in free market prices retrospectively, it was clarified that such intervention must be done with caution and restraint.
To read the full article, click here.
