Book contents
- The Cambridge International Handbook of Class Actions
- The Cambridge Handbook of Class Actions
- Copyright page
- Dedication
- Contents
- Contributors
- Foreword
- Acknowledgments
- Part I The United States
- Part II The Americas
- Part III Europe
- Part IV Asia and the South Pacific
- 16 The Emergence and Reform of the New Zealand Class Action
- 17 Representative Proceedings in Singapore
- 18 Class Action in China
- 19 Class Actions in Australia
- 20 Empirical and Practical Perspectives on Twenty-Seven Years of Product Liability Class Actions in Australia
- 21 Securities Class Actions in Korea
- 22 A Review of the Current Status of, and Future Issues Facing, Consumer Class Action Systems in Japan
- 23 The Indian Securities Fraud Class Action
- Part V Middle East and Africa
21 - Securities Class Actions in Korea
from Part IV - Asia and the South Pacific
Published online by Cambridge University Press: 29 January 2021
Book contents
- The Cambridge International Handbook of Class Actions
- The Cambridge Handbook of Class Actions
- Copyright page
- Dedication
- Contents
- Contributors
- Foreword
- Acknowledgments
- Part I The United States
- Part II The Americas
- Part III Europe
- Part IV Asia and the South Pacific
- 16 The Emergence and Reform of the New Zealand Class Action
- 17 Representative Proceedings in Singapore
- 18 Class Action in China
- 19 Class Actions in Australia
- 20 Empirical and Practical Perspectives on Twenty-Seven Years of Product Liability Class Actions in Australia
- 21 Securities Class Actions in Korea
- 22 A Review of the Current Status of, and Future Issues Facing, Consumer Class Action Systems in Japan
- 23 The Indian Securities Fraud Class Action
- Part V Middle East and Africa
Summary
Between 2015 and 2017, shareholders of one of the three largest shipbuilding companies in Korea and its former auditing firm sued for 210 billion won (approximately 179 million US dollars) in damages over alleged accounting fraud. A total of 1,152 plaintiffs filed more than 70 joint litigation suits instead of bringing a class action suit, without presumably hundreds of thousands of similarly situated victims joining them. After more than ten years since the introduction of class action in securities law, Koreans still seem reluctant to use the mechanism.
- Type
- Chapter
- Information
- The Cambridge Handbook of Class ActionsAn International Survey, pp. 419 - 439Publisher: Cambridge University PressPrint publication year: 2021