Yulchon Obtains Dismissal of Supreme Court Case, Brings End to Litigation over Lotte Shopping"s Acquisition of Woori Home Shopping
2011.08.25.
The Supreme Court dismissed Taekwang Industrial"s appeal in a lawsuit against the Korea Communications Commission, bringing an end to the long-term legal dispute between Taekwang Industrial and Lotte Shopping over the latter"s acquisition of Woori Home Shopping. To complete the acquisition, Lotte Shopping sought and the KCC granted approval for the change in majority shareholder of the home shopping company. Taekwang Industrial subsequently commenced litigation seeking the revocation of the KCC"s approval.
Taekwang Industrial argued that the KCC"s approval of Lotte Shopping"s acquisition of Woori Home Shopping should be revoked due to procedural and substantive violations of law. Yulchon lawyers persuaded the Supreme Court, however, that the approval by the KCC did not violate the obligation to establish and implement fair and transparent approval criteria.
Partners Sai Ree Yun and Hae Sik Park from the Corporate & Finance Group, and partners Yong Sup Yoon, Tae Kun Kim and Nam Ho Kim from the Litigation Group handled the lawsuit.
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