Yulchon Successfully Represented Schaeffler Korea Before the Korean Supreme Court in Cartel Matter
2019.03.14.
Yulchon successfully represented Schaeffler Korea before the Supreme Court, which in March 2019 affirmed the Seoul High Court decision that vacated all sanctions imposed by the KFTC for price-fixing. In March 2015, the KFTC imposed a KRW 16 billion administrative fine on Schaeffler Korea, finding that seven bearing manufacturers including Schaeffler Korea colluded to fix the prices of industrial-use bearings from 1998 through 2011.
On appeal before the Seoul High Court, Yulchon argued that (i) there was no evidence of any meeting of the minds between Schaeffler Korea and its competitors, (ii) the relevant conduct did not continue throughout the period at issue, and (iii) the statute of limitations had expired for the pre-2005 conduct. Accepting Yulchon’s argument, the Seoul High Court in June 2016 vacated the administrative fine and remedial order that the KFTC imposed on Schaeffler Korea. This final and complete victory is particularly noteworthy as a majority of the other six bearing manufacturers reportedly applied for leniency during the KFTC proceedings.
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