Plaintiffs in Korea, with rare exceptions, are unable to file class action lawsuits in Korean courts. The, only, two exceptions are under the Securities-Related Class Action Act of Korea (derivative/shareholder suits) and certain limited product liability claims under the Consumer Act of Korea (Suits by designated consumer advocacy groups or organizations).
However, because of a recent massive data leak by major Korean-based banks, numerous NGOs, some attorneys and legislators have, again, demanded the implementation of a US-style class action system.
Two bills are pending at the National Assembly of Korea entitled The Class Action Act of Korea and Consumer Basic Lawsuit Act of Korea. The Korean Class Action Act is modeled after Rule 23 of the Federal Rules of Civil Procedure.
We don’t see these bills coming to a vote anytime soon or the Korean Court System demanding the implementation of a class action law for consumers, because of Korean political realities and a perceived faltering Korean economy.
It is interesting to note that in limited number of cases, Korea has, seemingly, combined cases in a fashion similar to class action suits. These cases involved damages by foreign companies/governments on Korean citizens (Agent Orange & Noise Damage at American Bombing Range cases).
What do you think?
- Class Action/Mass Tort Actions in Korea
- Korea’s Class Action Law Proposed by Moon Administration
- Korean Lawyers Support Class Action Lawsuits and Punitive Damage
- Duty to Report Product Defects in Korea
- Antitrust/Competition Consent Orders in Korea
- Why are Legal Fees at Korean Law Firms Higher than New York and London: The Good, the Bad and the Ugly
- How Foreign Importers Entering Korea May Prosper from the Korean Middle Class in Korea being Screwed by Inflation: Screwflation
- South Korean Act on International Judicial Mutual Assistance in Civil Matters: Obtaining Evidence via Korean Courts and the Korean Government for use in Proceedings Abroad
- Derivative/Shareholder Suits in Korea: Corporate Governance in Korea
- Enforcing Punitive & Liquidated Damages Awards against Korean Companies via Contracts with Foreign Subsidiaries of Korean Companies