By Early February at the Latest... LG Inheritance Lawsuit First Trial Verdict [Invest&Law]

Proceedings to Conclude on the 23rd
Judicial Reshuffle Scheduled for Early Next Year
No Transfer to Successor Judge
Verdict Expected Before Personnel Changes

There is a growing possibility that the first trial verdict in the LG Group inheritance lawsuit will be delivered before the regular judicial personnel reshuffle scheduled for February next year.

The Civil Division 11 of the Seoul Western District Court (Presiding Judge Koo Kwanghyun) announced after concluding arguments on November 27 that "the court plans to close the proceedings on December 23." This is interpreted as an intention to deliver a verdict in January or early February next year, without transferring the case to a successor bench.

Park Jangsoo, Chief Financial Officer (Vice President) of LX Pantos, and an LG Group financial management team employee named Park, both testified as witnesses that "Madam Kim Youngsik and Koo Yeonkyung, CEO of the LG Welfare Foundation, agreed to the division of inherited assets, transferring management assets to Chairman Koo Kwangmo of LG Group." Management assets refer to shares of LG Corporation and its affiliates related to the management of LG Group, as well as dividends derived from these shares. Vice President Park previously handled the management of the LG family’s assets within the LG Group’s financial management team, before moving to LX Group when it was spun off in 2021.

This lawsuit is a legal dispute between three women of the LG family and Chairman Koo. The three women are Madam Kim, wife of the late Koo Bonmoo, former chairman of LG Group, and their two daughters, CEO Koo Yeonkyung and Koo Yeonsu. In February 2023, the three women filed a lawsuit for recovery of inheritance against Chairman Koo, claiming that the late chairman’s estate should be redistributed. They argue that they were misled by Koo Bonneung, Chairman of Heesung Group, and the LG Group financial management team into agreeing to an improper inheritance settlement. Chairman Koo’s side counters that all inheritance procedures were lawfully completed.

As this dispute involves LG Group, a leading domestic conglomerate, the legal teams participating in the lawsuit are also notable. The three women are represented by Han Seung (Judicial Research and Training Institute, 17th class), a former Chief Judicial Researcher at the Supreme Court; Im Sungkeun (17th class) of Haekwang Law Firm, who served as Director of Criminal Policy at the National Court Administration and as Chief Criminal Judge at Seoul Central District Court; Lee Jungmin (25th class) of Yulwoo Law Firm, and Lee Seungyeop (27th class) of Lihan Law Firm, both of whom have handled numerous corporate cases. Chairman Koo is represented by prominent lawyers from Yulchon Law Firm, including former Supreme Court Justice Kim Neunghwan (7th class), Kang Seokhun (19th class), Lee Jaekeun (28th class), and Kim Seongwoo (31st class), as well as Hong Seungmyeon (18th class), a former Chief Judicial Researcher at the Supreme Court.

Lee Sangwoo, The Law Times Reporter

※This article is based on content supplied by Law Times.