KIKO: Injunction Granted Against SC First Bank
A Korean law firm has won a bellwether case (injucntion granted) for two medium- sized Korean companies with combined losses of over $21 million in KIKO contracts. Hundreds of other cases are in the pipeline. The Seoul Central District Court issued a preliminary injunction holding that “The bank has not met its obligation to recommend additional measures to limit loses . . . and to clearly and sufficiently explain possible risks in the contracts.” The preliminary injunction frees the companies from their obligations under the contract until the final ruling. The final ruling is unlikely to conflict with the injunction