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 lastContinue reading
Tag: Korean Class Action Law
Class Action/Mass Tort Actions in Korea
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.Continue reading
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