Abuse of Market Dominance in Korea: Competition Law in Korea

The Seoul Central District Court ruled earlier this year that Namyang Dairy Products Co. (“Namyang”) was in violation of the Monopoly Regulation and Fair Trade Act of Korea by abusing its market dominance and “unfairly taking advantage” of retailers. For more articles on Koran Antitrust Law please see: Korean Antitrust Law. Namyang, a major Korean dairy company, was accused by retailers of, among other things, forcing retailers to purchase expired or soon-to-expire products and purchase unpopular products.  The Seoul Central

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Korean Civil Litigation Pre-Judgment & Post-Judgment Interest Awarded by Korean Courts

So you are suing a defendant in a Korean Court or you won a judgment in a Korea court? How much interest shall you earn on this judgment?  Korea awards different interest rates based in if the judgment is rendered or the judgment is not rendered. Additionally, it is, usually, advisable to include Penalty Damages Clauses to most type of Korean Contractual Agreements. Pre-Judgment Interest in Korea Pre-Judgment interest accrues from the date the payment is due.   Unless otherwise

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Korean Governmental Regulations Stifle Innovations and the Role of Korean Law Firms

The Korea Joonang Daily has a good piece concerning the effect of over-regulation on Korean innovation. The article brings to my mind the important role Korean Law Firms should play in preserving economic and individual liberties (basic rights). The reality is without a strong push in the National Assembly (which seems hopeless) the, only option is the courts. As many readers may know, I formerly worked for the Constitutional Court of Korea. The Constitutional Court can be a useful tool

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English-speaking Korean lawyers and International Lawyers at International Law Firm in Korea discussing issues of Korean Law

IPG Legal is a leading client-focused international law firm with offices in Korea that is, often, selected over the ubiquitous Korean Law Firms when success is essential and success depends on nuanced street-smart advice, proactive  and unconflicted representation. Our attorneys are, intentionally. different from the crowd.  From our retired judge partners to our junior associates, we are all trained with an intense focus on client success, lawyer proactivity, and to understand the nexus between your commercial and legal needs. Our attorneys

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Liquidated Damages vs. Penalty Damages: Korean Contract Law Basics

Liquidated Damages v. Penalty Damages in Korea In Korea, liquidated damage clauses in South Korean contracts may be invalidated if the liquidated damage amount is deemed, by a Korean court of law, as “unduly excessive.” (Civil Act Art. 398(2)). Article 398 of the Civil Act may be found below. Korean Liquidated damages law is governed by the Civil Act of Korea and related Korean Law. However, if an agreement, in Korea, notes a “penalty,” the amount of the “penalty is

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English-Speaking Arbitration Attorneys in Korea

International arbitration between Korean companies and American, Australian, British, Chinese, Indian, German and other nation companies is on the increase.  Regrettably, few Korean attorneys are capable of handling international arbitration cases in the English language, because of the lack of experience in complex international arbitration and the lack of adequate English language skills.  The reality is Korea has few English-speaking arbitration attorneys capable of handling complex international arbitration matters, thus, many firms have turned to foreign attorneys to fill this glaring

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Korean Government Official Prosecuted in U.S. for Violation of Korean Law? Application of Korean Law in U.S. Courts

Is it really true?  A foreign government official may be prosecuted in the United States for the violation of a non-U.S. law – Yes/No – not exactly. A Korean working for a Korean government research center was, recently, found guilt of U.S. federal money laundering in a U.S. Federal Court.  The individual was convicted of utilizing the banking system of the United States to store and transfer illegal obtained funds.  The funds were deemed illegally obtained under Korean Law.  So

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Korean Product Liability Act Amended to Include Punitive Damages & a Relaxed Burden of Proof

The Amended Product Liability Act of Korea was published in April of 2017.  This Korean Product Liability Act shall be promulgated in April of 2018.   The major amendments to the Act are: Allows Judges to Award Punitive Damages; and  Lowers the Burden of Proof. Punitive Damages in Product Liability Cases in Korea The present Korean Product Liability Law limits damage to the actual damages incurred, thus, not allowing a judge to award punitive damages. This reality has led to

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Hiring an English-speaking Korean Divorce Lawyer (Korean Divorce Lawyers)

The following Korean divorce information is provided by the Seoul Global Center. Non-Koreans are capable of obtaining a divorce in Korea even if no party to the divorce is a Korean national. In most cases, you are advised to hire a proactive English-speaking Korean Divorce Lawyer. Please, also, read the following post we wrote on: Non-Koreans Obtaining a Divorce in Korea. The post, substantially, elaborates on this post. In most cases involving non-Koreans, it is advisable to seek assistance from

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Director Liability Insurance in Korea: Follow the Oxy Reckitt Beckiser

Director Liability Insurance is important and the cost is trivial. Don’t let your company skimp on this important part of your success as a director of a Korean company. If you are investigated you may need your own legal counsel, your company may throw you under the bus and you may have lost out-of-pocket expenses, thus, a little insurance can go a long way. Another article that may be of interest: Suing Korean Directors and Don’t Drop the Director Liability

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