initiating such cases. In most of
Mr. Caspi's cases, the plaintiff
has been the firm Magen
V'Keshet, in which Mr. Caspi
himself has an interest. The firm
bought small stakes in a large
number of the country's public
companies, and clearly appears
to be set up to pursue claims
against them.
Attorneys like Mr. Caspi and
their practices don't always have
the best reputation in any coun-
try because they are seen as
poaching on companies and ag-
gressively going after clients.
Such class-action suits are con-
sidered symptomatic of an over-
ly litigious society. In the United
States, attorneys are seen as cre-
ating these cases not because of
concern for the shareholders, but
in order to collect fees. Since they
collect a percentage of every
shareholder's settlement, they of-
ten walk away with significant-
ly more money than any single
plaintiff.
Here, those raising questions
about Mr. Caspi's techniques, are,
naturally, those lawyers who spe-
cialize in defending the compa-
nies against the cl Ass-action suits.
But Mr. Caspi says that com-
panies who deal fairly with their
shareholders have nothing to
fear. He does not believe the
threat of class action will prevent
well-run companies from going
public. "It will discourage only
those companies which are corn-
ing to the stock exchange in or-
der to milk the public. If this is
one of the main interests of such
a firm, maybe the possibility of
class action will have an effect on
them. But if the main reason they
go to the stock market is to raise
money from the public to devel-
op their business, then they need
not be so aware of it."
As for over-litigating, Mr.
Caspi says there is no danger of
that in Israel, at least in the fore-
seeable future. "Class action in
Israel is still a little baby. And
you have to help a little baby
grow. We have to establish this
tool so that it will be used regu-
larly. Then, of course, we have to
make sure it is not used wrongly
by plaintiffs or by lawyers or any-
one else." ❑

Publicity
Deadlines

The normal deadline for local
news and publicity items is noon
Thursday, eight days prior to is-
sue date. The deadline for birth
announcements is 10 a.m. Mon-
day, four days prior to issue date;
out-of-town obituaries, 10 a.m.
Tuesday, three days prior to is-
sue date.
All material must be typewrit-
ten, double-spaced, on 877 x 11
paper and include the name and
daytime telephone number of
sender.

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