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from Part IV - Asia and the South Pacific
Published online by Cambridge University Press: 29 January 2021
Between 2015 and 2017, shareholders of one of the three largest shipbuilding companies in Korea and its former auditing firm sued for 210 billion won (approximately 179 million US dollars) in damages over alleged accounting fraud. A total of 1,152 plaintiffs filed more than 70 joint litigation suits instead of bringing a class action suit, without presumably hundreds of thousands of similarly situated victims joining them. After more than ten years since the introduction of class action in securities law, Koreans still seem reluctant to use the mechanism.
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