June 13, 2011

District court accepts Gornitzky's arguments and dismisses an application for a NIS 4 billion derivative claim against ImageSat International.

In a precedential decision, Judge Yaakov Sheinman of the District Court in Petach Tikva, accepted arguments made by Gornitzky & Co. on behalf of ImageSat International and dismissed in limine the application to approve a NIS 4 billion derivative action against the company.

The request for the in limine dismissal of the application was based on the innovative claim that a derivative action in the name of a foreign company cannot be filed in Israel under the Israeli Companies Law.

ImageSat International N.V., a leading provider of high-resolution, satellite earth-imagery, which launched and operates the EROS commercial satellites, was represented by Mr. Ofer Tzur (Partner, Head of Litigation) and Mr. Eli Cohen (Partner).

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