Seoul court orders asset manager to pay record US$5.2 mln compensation
Mon, November 23 2009 16:54 | 428 Views
The 214 plaintiffs in the case had invested in an equity-linked fund (ELF) managed by Woori Asset Management and sold by Hana Bank in 2007. The fund had attracted 28.4 billion won from some 980 investors.
The plaintiffs charged that they lost their money because Woori and Hana invested in an over-the-counter derivative issued by the now-defunct Lehman Brothers, not in BNP Paribas as stated in the contract.
The case marks the first time that the court has held an asset manager fully responsible for a failed investment.
Source:
Business in Asia Today - Nov 23, 2009
published by <a href="http://www.asiapulse.com">Asia Pulse</a>
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