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[Alpha Biz=(Chicago) Reporter Paul Lee] KB Securities lost to Winners Asset Management in an appeals court. The atmosphere of the dispute over the loss of Nikkei 225 option products based on Japan's Nikkei Index has changed. Unlike the first trial, the second trial court accepted Winner's Asset Management's claim on the illegality of cross-selling.
According to the financial investment industry and legal circles on the 29th, the 18th Civil Affairs Department of the Seoul High Court ruled against the plaintiff in a lawsuit filed by KB Securities against Winners Asset Management in connection with the sale of Japan's Nikkei 225 Index Option Investment Private Equity Fund.
With the ruling, KB Securities will not be able to recover the outstanding amount of about 14 billion won and will have to pay about 30% of the investors' damages, including the defendant Winners Asset Management.
The move comes after eight entrusting customers of Winners Management collectively filed a lawsuit worth some 50 billion won with KB Securities. Including the client lawsuit and the countersuit of Winners Management, the total value of the lawsuit is 83.8 billion won.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
