• Hannuri successfully represented Align Partners Capital Mana…
Hannuri Law LLC successfully provided advisory services for Align Partners Capital Management(“APCM”) shareholder activism campaign in JB Financial Group(“JBFG”), leading to the appointment of two proposed outside directors at the 2024 AGM.Hannuri has been providing legal service for APCM on activism campaigns against domestic financial holding companies. This case is part of a capital allocation policy and governance structure improvement campaign for JBFG. Representing APCM, the second-largest shareholder of JBFG, Hannuri facilitated the strategic planning, shareholder proposal, disclosure, proxy fight and other comprehensive AGM advisory services including on-the-day response.The appointment of outside directors by APCM marks the first time in Republic of Korea t…
  • Hannuri successfully represented Align Partners Capital Mana…
On March 26, the Jeonju District Court issued judgement ordering a provisional disposition against JB Financial Group(“JBFG”) and Finda, Inc., which was filed by Hannuri Law LLC on behalf of Align Partners Capital Management(“APCM”). The court found that JBFG shares held by Finda constitutes cross ownership of shares and therefore exercise of its voting rights violates Commercial Act. Hannuri has been providing legal advice on shareholder activism campaigns against domestic financial holding companies on behalf of APCM, and this case is part of the campaign against JBFG. In our campaign, whether JBFG shares held by fintech company Finda constitute cross owned shares restrictions under Commercial Act became an important issue. Commercial Act article 369 (3)…
  • Hannuri succeeded in obtaining an injunction to inspect and …
Hannuri recently represented a minority shareholder activist fund in a case against KT&G, one of the world's top 5 tobacco producers and a leading company on the KOSPI index. We successfully obtained an injunction to inspect and copy the company's books of account and related and documents.We initially requested access to the accounting books and documents related to the deteriorating profitability of its overseas tobacco business. However, KT&G declined to provide it. Subsequently, we filed a motion for an injunction, allowing us, as shareholders, to assess the company's management status and demand corrective actions if necessary. The court granted us partial access to accounting books and documents related to overseas tobacco sales.During the injunction process, KT&a…
  • Hannuri Successfully Advised Global Auto Parts Company’s Bus…
Hannuri Law LLC successfully advised and managed the merger process between domestic subsidiaries of a global auto parts manufacturing company in the Korean market. Swiftly concluding the merger procedures, the firm acquired approval from the KFTC for the merger notification. This case serves as a precedent in addressing various issues arising from a global company’s investment reorganization in Korea. The case involved a merger among limited liability companies, which had been introduced in 2011 through the amendment of Commercial Code, with very few precedents and potential complexity due to the presence of higher-tier affiliate companies established overseas. Additionally, there was a pressing need to conclude the merger process within a short timeframe. Hannuri’s team,…
  • Hannuri leads KRW 24 billion settlement in a civil case
Hannuri Law LLC reached a KRW 24 billion (USD 18 million) settlement in the appeal trial of a lawsuit claiming the return of unfair profits against a leading domestic chaebol construction company. In this case, the firm represented a client company established by overseas investors including Hong Kong, to invest in domestic real estate. In this case, the client company acquired a building located in the metropolitan area. The domestic construction company claimed that it had a lien on the target building, and a lien waiver and transfer agreement was concluded for the above building. However, it was later disputed whether the lien actually existed, and the case eventually ended up i…
  • Shareholder derivative lawsuit on behalf of the shareholders…
Hannuri Resolves Shareholder Representative Lawsuit Against Sewon Precision Industry (KOSPI 021820), Securing KRW 91.1 Billion in DamagesRecently, Hannuri successfully concluded a shareholder representative lawsuit filed against the major shareholders of Sewon Precision Industry Co., Ltd., the primary vendor for Hyundai Motor. Through this shareholder representative lawsuit, Sewon Precision has been awarded a total of KRW 91.1 billion in damages from its major shareholders. This outcome reflects Hannuri's dedication and expertise in protecting shareholder rights over the past several years.In this case, the controlling shareholder and former CEO of Sewon Precision engaged in actions that caused substantial financial damage to Sewon Precision and other affiliated companies within the SE…
  • Shareholder derivative lawsuit on behalf of the shareholders…
Hannuri is pleased to announce its recent victory in a shareholder derivative lawsuit on behalf of the shareholders of Sungshin Cement Co., Ltd., a publicly traded company in South Korea. In a country where shareholder derivative lawsuits are relatively uncommon, Hannuri has established itself as a leader in this field by achieving consecutive victories in recent shareholder derivative cases.The lawsuit was related to the collusion of six domestic cement companies, including Sungshin Cement Co., Ltd., who conspired to control market share and increase cement prices from March 2011 to April 2013. The Korea Fair Trade Commission (KFTC) found that this collective action violated antitrust regulations and unfair trade practices, resulting in penalty surcharges imposed on the cement companies. …
  • Shareholder derivative lawsuit on behalf of the shareholders…
Hannuri is proud to announce its recent victory in a shareholder derivative lawsuit on behalf of the shareholders of Chin Yang Industry Co.,Ltd.(CYIC), a publicly traded company in South Korea. This victory is the result of our dedication and expertise in protecting shareholder rights over the years.In this case, the directors of CYIC transferred CYIC's export rights for polypropylene glycol without compensation to CK Enterprise Corporation, a company in which one of CYIC's directors is a controlling shareholder. As a result of this action, CYIC was fined a substantial amount of KRW 1.362 billion by the Korea Fair Trade Commission (KFTC) for violating the Fair Trade Act.Hannuri's attorneys, Jiyon Kang, Jingu Park and Minsu Choi, with their unwavering commitment to protecting sh…
  • Lawsuit for intentional degradation of iPhone’s performance
We are pleased to announce a significant legal victory secured by Hannuri Law LLC on behalf of iPhone users in the recent lawsuit addressing the intentional performance degradation by Apple Inc. through iOS updates.In a groundbreaking decision on December 6, the 12th Civil Division of the Seoul High Court ruled in favor of consumers, affirming Apple's legal responsibility for non-disclosure of the impact of the iOS updates on iPhone performance. The court ordered Apple Inc. and Apple Korea to compensate each participating plaintiff with a noteworthy 70,000 won.The court's decision emphasizes the notable information disparity between Apple and consumers, holding Apple accountable for violating its obligation to transparently inform users about the potential side effects of the iOS u…
  • Conducted government research project on unfair profit provi…
Regarding the Fair Trade Commission's plan to improve standards for reviewing unfair profit provisions for specially related persons, Jeong Seo, the head researcher, presented the background of the policy, enforcement cases and foreign cases related to internal transactions, and established an inspection guideline.  
  • On Handing Off the Expenses incurred in Store Environment Im…
Representing the Korean Fair Trade Commission, Hannuri won both the appellate trial and the trial on an appeal to the Supreme Court in a case where a franchiser, legally required to bear expenses, gained unjust enrichment by handing off the expenses to franchisees.
  • Collusion in Construction (7 construction companies)
By representing one of the seven indicted construction companies starting from the early investigative stage, Hannuri led the process of reducing penalty as well as having its charges, imposed by the Fair Trade Commission, dropped. Client was indicted to have colluded on bidding and possession for about 15 years.  
  • Collusion in the LNG Storage Tank Construction
Representing the Korean Fair Trade Commission, Hannuri won both the appellate and the Supreme Court trial in the revocation litigation of penalty surcharge of 5.3 billion won. It had indicted 13 construction companies on the basis of collusive bidding in the LNG storage tank construction.
  • Unfair Collaborative Acts of Automobile Manufacturers
One of the automobile manufacturers received a \3.3 billion fine from the Fair Trade Commission for engaging in unfair collaborative acts. Hannuri won the appellate and supreme court on behalf of the manufacturer, leading cancellation of the penalty.
  • Resolution of General Meeting of Golf Zone Shareholder Cance…
On behalf of H Bank, a trustee of the collective investment organization (fund), and others, Hannuri filed a lawsuit against Golf Zone demanding the cancellation of the resolution to transfer Joymaru business division, which was passed in Golf Zone’s 2018 general shareholders' meeting. Following the filing of the above lawsuit based on the stewardship code, Golf Zone subsequently canceled the business transfer agreement and retracted the relevant disclosure. Also, Hannuri won the case at the shareholders' general meeting cancellation action.
  • Support for minority shareholders’ rights at H bank (2018, 2…
Regarding disputes over management of H Company, Hannuri provided legal advice to minority shareholders in cases claiming for inspection of accounting books (partially upheld by court), inspection of shareholder list (upheld by court) and introduction of proposal for shareholders’ meeting (upheld by court).
  • Advised in company E management rights dispute (2018)
Hannuri filed shareholder derivative suit regarding the company's management rights disputes of company E (upheld by court). Hannuri advised on M&A conflict, filed criminal complaint on business embezzlement (which were convicted), filed compensation order application (dismissed), and won favorable judgement on claims for suspension of shareholder rights, suspension of executives’ duties, and provisional claim for appointment of a substitute representative.
  • Provisional Disposition on Prohibiting Proposals of Company …
Hannuri provided legal advice to minority shareholders by performing their voting rights by proxy and carrying out provisional disposition (preliminary injunction) on prohibiting proposals in regards to Company D’s management legal issues.
  • Advised Company M on Corporate Governance Structure (2017)
Provided legal advice to a publicly traded company on transitioning into a holding company.
  • Provisional Disposition on the Right to Inspect or Obtain a …
Represented minority shareholders on Company B’s management legal disputes, Hannuri elicited a ruling in favor of Client on provisional disposition on the right to inspect or obtain a copy of Company B’s share register.