Actualités

Insight Session: Navigating the Expansion of Korea’s Class Action Law 

On March 25, the Federation of Korean Industries (FKI) is co-organizing together with the French-Korean Chamber of Commerce and Industry (FKCCI) and the U.S. Chamber’s Institute for Legal Reform a seminar on the expansion of Korea’s class action law.

South Korea appears increasingly likely to become a plaintiff-friendly jurisdiction in East Asia. In recent years, class actions and related policy initiatives have been moving slowly in Korea. However, things are suddenly accelerating. The Korean government is considering legislation that would vastly expand the country’s class action law, which is currently limited to securities cases. The new law would allow for opt-out class actions in all fields of law and would apply retroactively.

The Korean government’s push to bring about class actions will likely have the same effect in South Korea as it has in the United States. So in this seminar, we will address questions such as how the legislation will affect the business environment in Korea, and what lessons the country can draw from foreign experiences.

Discussion Questions: 

• How will the legislation affect the business environment in Korea?
• What lessons can Korea draw from the U.S. experience with class action law? 
• What safeguards should be included in the proposal to prevent abusive litigation and other ramifications? 
• If/when the legislation is implemented, how can companies strategize to mitigate its impact? 

Details 

• Date: Thursday, March 25, 9:00-10:30 AM (KST) / Wednesday March 24, 8:00-9:30 PM (EDT) 
• Venue: Online and offline (Sapphire Room, FKI Tower, Yeoui-do, Seoul)
• Registration:  https://seminar.fki.or.kr/seminarView.do?smnkey=79
• Organizers: Federation of Korean Industries; U.S. Chamber’s Institute for Legal Reform; French-Korean Chamber of Commerce and Industry (FKCCI) 
• Languages: English and Korean (with simultaneous translation) 

Agenda