Insurance firm ordered to cover faulty investing
Investment manager’s license revoked by Israel Securities Authority after he squanders couple’s money on unauthorized investments, but insurance company must foot part of the bill.
An investment company and one of its two insurers will have to pay damages to a couple that lost NIS 2.2 million through a mismanaged investment portfolio, a Tel Aviv District Court judge recently ruled. This ruling will now serve to clarify the extent to which insurers are responsible for significant losses incurred by investors due to decisions made by investment managers.
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