In a recent court ruling on financial investments, the Seoul High Court held the sponsor responsible for the design and sale of securitized securities liable for damages, which is highly unusual. The case was filed as one of the so-called "Gatekeeper cases" and the investor lost all of the damages in the first trial but was awarded 50% of the damages on appeal.
As one of the leading lawyers who represented the investors in the case from the appellate stage and secured the victory, LIN’s Lee Hong Won was particularly pleased with the court's recognition of the duty of due diligence. He reiterated that the ruling clarifies the obligation of asset-backed securitization transaction sponsors to protect investors by providing a legal basis for their due diligence.
As one of the leading lawyers who represented the investors in the case from the appellate stage and secured the victory, LIN’s Lee Hong Won was particularly pleased with the court's recognition of the duty of due diligence. He reiterated that the ruling clarifies the obligation of asset-backed securitization transaction sponsors to protect investors by providing a legal basis for their due diligence.
LIN, Lee Hong Won
Mr. Lee's practice focuses on corporate law, including finance and M&A, and he has extensive experience in advising and litigating various investment and securities matters and resolving disputes related to hostile M&A. Mr. Lee passed the 41st Bar Exam (31st Judicial Training Institute) while attending Seoul National University, School of Law and practiced at Kim & Chang for over 10 years before joining the firm in 2018.
In addition to Mr. Lee, Yoon Min Rha (32nd Judicial Training Institute) and Hyun Sang Youn, a foreign lawyer, were instrumental in securing the victory. Mr. Rha has been practicing law at LIN since March last year after serving as a judge of the Seoul Central District Court, an investigator of the court library, and a deputy judge of the Suwon District Court, while Mr. Youn, a New York State attorney, served as general counsel at Macquarie Asset Management before joining LIN.
The original article can be found below.In addition to Mr. Lee, Yoon Min Rha (32nd Judicial Training Institute) and Hyun Sang Youn, a foreign lawyer, were instrumental in securing the victory. Mr. Rha has been practicing law at LIN since March last year after serving as a judge of the Seoul Central District Court, an investigator of the court library, and a deputy judge of the Suwon District Court, while Mr. Youn, a New York State attorney, served as general counsel at Macquarie Asset Management before joining LIN.
Legal Times, Deok Sung Kim
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https://www.legaltimes.co.kr/news/articleView.html?idxno=71882