South Korean banks do not have to compensate companies that were sold knock-in-knock-out (Kiko) contracts the Seoul Central District Court ruled on Monday.
The court threw out an attempt by Soosan Heavy Industries to have currency option contracts with Citibank Korea and Woori annulled and to be compensated for the millions of Korean won lost over the last two years.
Soosan and as many as 500 other Korean companies claimed that they did not fully understand the mechanics of the contracts.
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