Hanwha Life Insurance, a Korean Insurance company, case against UBS AG was dismissed by a New York court. We are, likely, to see the case filed in Korea or Hong Kong in the near future. This, holding, if appealed, will, likely, be upheld.
The lawsuit stems from Hanwha loss of US$ 30million in a complicated financial product. The case is, also, weak on the merits, since, intern alia, Hanwha is a sophisticated investor or, at least, should be one.
The Manhattan Supreme Court (NY trial court) noted that:
“While this court is capable of applying Korean law, a Korean court is more familiar with such law and better suited to resolve the parties’ disputes . . . (claims) arose almost entirely from events and transactions that took place outside of New York and mainly in Korea and Hong Kong.”
Let’s see if the case goes any farther in Hong Kong or Korea.
Sean Hayes may be contacted at: [email protected]
Sean Hayes is co-chair of the Korea Practice Team at IPG Legal. He is the first non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty. Sean is ranked, for Korea, as one of only two non-Korean lawyers as a Top Attorney by AsiaLaw.
- Why are Legal Fees at Korean Law Firms Higher than New York and London: The Good, the Bad and the Ugly
- 10 Top Cities in Asia for FDI in 2012- One Korean City on the List
- Korea’s Real Name Transaction Act Strengthened: Korea’s Banking Law Basics
- Liquidated Damages Clauses Upheld by Korean Courts
- Motor Vehicle Accidents/Negligence Cases in Korea
- Does a Korean court have the power to issue a preliminary attachment on Korean assets stemming from a foreign court claim?
- Witholdings Taxes on Transactions between Korean & Hong Kong Companies
- Tobacco Business/Manufacturing Act Upheld by Constitutional Court of Korea
- Privity of Contract in Franchise Agreements in Korea: Korean Franchise Law Updates
- Enforcing Punitive & Liquidated Damages Awards against Korean Companies via Contracts with Foreign Subsidiaries of Korean Companies