Class action lawsuits in South Korea are currently available in two types of civil cases: (1) under the Securities-Related Class Action Act of Korea (derivative/shareholder suits); and (2) in certain limited product liability matters under the Consumer Act of Korea.
A bill that seeks to expand the scope of class actions into other areas, aside from the two instances above, has languished for years in the Korean National Assembly. However, in a statement made by the Ministry of Justice last year, it assured the population that the Pres. Moon Administration is serious in its “effort to solve collective disputes and compensate victims more efficiently.” For another article we posted on this issue please see: Legal System Hinders Class Action Suits in Korea.
New Korean Class Action Bill
The proposed bill, if passed, shall allows plaintiff to certify a class in the areas mentioned about and, also, in matters related to:
(4) Public Information; and
(5) Fair Trade.
Regularly check our blog, we shall have a follow-up article about this class action bill if it is enacted into law. And if you want to speak with a Korean lawyer about legal matters in South Korea, please Schedule a Call with an Attorney in Korea.
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- The Case for Arbitration over Litigation in Korea
- Korean Employment Law & Labor Law amendments under Pres. Moon Administration
- Doing Business in Korea: The Korea labor market under the Moon administration
- Duty to Report Product Defects in Korea
- Rights of “Non-Registered” Shareholders in Korea
- Increased Scrutiny of Employers by Korean’s Ministry of Employment & Labor under President Moon’s Administration: HR Audit Needed by Korean Employment Lawyers
- Piercing the Corporate Veil in Korea: Suing Shareholders of a Corporation