The Seoul High Court approved the securities class action settlement of GS E&C

   Hit. 1132
Date. 2021.03.16   



On March 3, 2021, the Seoul High Court granted approval to the securities class action settlement of GS E&C(00630). 


1. What is the court’s approval of the class action settlement in this case? 


On March 3, 2021, the Seoul High Court granted approval to the proposed settlement that GS E&C shall pay a total of 12 billion won (about 27.4% of the original claim) to the following class members (excluding the class members who opted out of the class action).


[Class member] 

A person who acquired a registered common stock issued by the GS E&C from March 29, 2013 17:15, which GS E&C had submitted its 44th business report, to April 10, 2013 17:33, who still has the whole or part of the stock (excluding the class members who opted out of the class action during the opt out period)


Please refer to the Supreme Court's announcement for details.

https://www.scourt.go.kr/img/notice/210303_slgodung.pdf



2. What is going on in the future?


From now on, under the Securities-Related Class Action Act, the distribution process will be carried out for 12 billion won of settlement, which was paid by GS E&C on March 15, 2021. Specifically, ① after the court appoints a distribution administrator upon application by a lead plaintiff, ② the distribution administrator submits the distribution plan to the court, and the court shall rule to authorize the plan, ③ every class member shall report his/her right to the distribution administrator, as specified in the authorized distribution plan, ④ the distribution administrator shall verify the rights reported, ⑤ the distribution administrator shall distribute the settlement money according to verified rights. 


It is expected to take about 9 to 12 months for every class member to receive the settlement money.



3. What should class members do in the future?


After the distribution plan is authorized by the court, class members of securities class action against GS E&C will receive notice of distribution plans from the distribution administrator on the distribution plan and the submission of rights reports. If you report your rights to the distribution administrator based on the notice you received, the distribution administrator shall verify your rights, and you will receive the distribution money proportionally.


If you register in our web-site as a class member, we will inform you of the future progress with the contact information you gave us.


(→ Registration of members related to securities class action against GS E&C)