The Korea Times reported today that South Korea’s first ever class action has been given a preliminary approval to move forward, as a local court selected a private equity fund as representative plaintiff. According to the article, the suit is the first filed under a South Korean securities class action law that was passed in 2005. The use of the class action device in a shareholder lawsuit reflects that South Korea doesn’t just recognize class actions as a tool to combat public protest (see previous CAB entries dated August 29, September 8, and November 3, 2008).
For more on today’s story, see this entry from Securities Docket.
