In light of all of the above, the plaintiffs claim that the decision regarding the closure of the accounts was made in the framework of an improper proceeding, and this reason is sufficient to lead to its cancellation. Moreover, even on the merits, the plaintiffs claim that although it is possible that red flags may have been raised over their activity, these are not enough, especially since since they were given their day - any doubt or suspicion that could arise from the existence of these red flags - was removed or did not form. In light of the aforesaid, the plaintiffs argue that the lawsuit should be accepted, that the closure notice should be cancelled and the bank should be instructed to continue to provide service to the plaintiffs, while providing instructions to the bank as to the manner in which the accounts would be managed from now on.
- In its response summaries submitted by the bank, the bank addresses the plaintiffs' claims, reiterates its arguments as detailed in its summaries, and seeks to focus on and respond to the following claims:
According to the bank, the plaintiffs were unable to deal with the "red flags" as it raised at length in its summaries. He further argues that in any event, the date for examining the reasonableness of his decision is March 20, 2017, as also appears from the procedural agreement of the parties from the hearing, as reflected in the hearing of November 30, 2017. Moreover, according to him, even if he had actually argued that his decision was made in November 2016, this does not change the reasonableness of his decision, given that he is also entitled to rely on information to which he was exposed at later times, and especially in light of the fact that he tried to give the plaintiffs additional opportunities in order to produce documents and references in a manner that would satisfy him and allow him to continue the proper management of the accounts.
The Bank points out that its decision of March 20, 2017 is reasonable given a considerable amount of grounds and "red flags", which, although the Bank has approached in connection with them many times, received only partial documents from the plaintiffs and/or documents that did not meet the Bank's requirements. Therefore, according to him, after about a full year of repeated requests and without cooperation from the companies and Mr. Toledano, he announced the closure of the accounts.