On the 21st, the appellate court ruled that Daishin Securities must return 77% of the investment funds to investors who suffered losses in the so-called 'Lime Incident.' Previously, the first trial had ordered a full refund (100%) of the investment funds, but the ratio was reduced in the second trial.
The Civil Division 14-3 of the Seoul High Court on the same day ruled in the civil appeal case for unjust enrichment filed by four plaintiffs, including broadcaster Kim Han-seok and announcer Lee Jae-yong, against Daishin Securities, ordering Daishin Securities to return 1,954,360,000 KRW, which corresponds to 77% of the total claim amount of 2,514,990,000 KRW. The plaintiffs' alternative and remaining preliminary claims were all dismissed. Additionally, 20% of the total litigation costs are to be borne by the plaintiffs, and the remainder by the defendant (Daishin Securities).
Compared to the first trial in April last year, which ordered Daishin Securities to return 100%, the court has effectively accepted Daishin Securities' position and decided a partial victory.
This lawsuit has attracted industry attention as it was the first civil lawsuit filed by investors related to the Lime Asset Management scandal that emerged last year. The fact that the securities firm's responsibility for refunding investment funds has somewhat decreased compared to the first trial is expected to influence related lawsuits going forward.
A Daishin Securities official stated, "We respect the decision of the Seoul High Court, which ruled a partial victory for the plaintiffs in the appeal trial of the unjust enrichment refund lawsuit regarding the Lime Fund sales filed by our company." Regarding whether to appeal further, they said, "We will announce our position after carefully reviewing the judgment document once it is delivered."
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