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March 2010
by Trevor Carr, Alexandra Fletcher
South Korean banks will not have to compensate companies that were sold knock-in-knock-out (Kiko) currency option contracts, the Seoul Central District Court ruled last month.
The court threw out an attempt by Soosan Heavy Industries to have contracts with Citibank Korea and Woori annulled and to be compensated for the millions of Korean won lost over the past two years.
Soosan and as many as 500 other Korean companies claimed that they did not fully understand the mechanics of the Kiko contracts. Such claims have had varied success. With this ruling, though, it appears that the court...
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