InfoAnda - Seoul court accepts KIKO suspension suits vs banks

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Seoul court accepts KIKO suspension suits vs banks Reuters - Saturday, April 25 SEOUL, April 24 - A South Korean court on Friday accepted suits filed by small companies to suspend currency options contracts sold by banks, including Citibank and Shinhan Bank, the latest in a series of similar lawsuits. ADVERTISEMENT The Seoul Central District Court granted three domestic companies preliminary injunctions in separate cases, saying the selling banks had failed to fully notify buyers of the risks from knock-in knock-out contracts, court spokesman Kim Sung-soo said. The ruling will allow the companies to temporarily suspend the KIKO contracts, or currency hedging derivatives, pending final verdicts on the cases. The court decision was made after a number of small companies, mostly exporters, suffered heavy losses from the currency contracts, with the won <KRW=> tumbling 26 percent against the dollar in 2008, and filed suits against the banks that sold the products. The Seoul court has previously ruled in favour of other companies filing similar suits. It said the structure of the products was designed to cause companies indefinite losses when the won's value decreased, and that the banks had failed to clearly inform buyers of the risks. By contrast, the same district court on Friday rejected cases filed by seven other companies, includingPOSCO Coated & Color Steel <058430.KS>, to suspend KIKO contracts, saying the selling banks had fulfilled their duty for customer protection. A district court in Incheon, west of Seoul, also rejected a suit to suspend a KIKO contract with HSBC <HSBA.L> <0005.HK> in March. It said at the time that the won's <KRW=> rapid fall during the contract period did not constitute a factor to allow the currency option to be put on hold. The International Swaps and Derivatives Association , a global trade group, has criticised the decisions of South Korean courts to suspend the currency contracts as a dangerous precedent that risked undermining investor confidence in the country. [ID:nSEO271883] Kim said the Seoul court had another 67 cases to handle in relation to KIKO contracts involving most banks in South Korea, including a unit of Standard Chartered <STAN.L><2888.HK>. (Reporting by Shin Jieun and Kim Yeon-hee; Editing by Chris Lewis) Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Crude continues to buck traditional market basicsAP - 28 minutes ago Facebook to adopt new rules despite vote shortfallAP - 40 minutes ago Warner: Climate change a national security issueAP - 45 minutes ago BNP still in game as Fortis break-up vote loomsReuters - 45 minutes ago Goal of eliminating malaria in sight - expertsReuters - 49 minutes ago Most Popular – Business Viewed Tigers resisting calls to surrender: S.Lanka military Fertility doctor on brink of cloning human: report Obama vows reform of credit card market Downturn hits Elton John, Paul McCartney Charred meat linked to pancreatic cancer risk View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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