LS Securities Concludes CERCG ABCP Lawsuit with Hyundai Motor Securities... Settlement Recommendation Finalized
LS Securities has concluded its litigation with Hyundai Motor Securities regarding the default of asset-backed commercial paper (ABCP) related to China Energy Reserve & Chemicals Group (CERCG).
On July 15, LS Securities announced in a regulatory filing that it has accepted the settlement recommendation by the Seoul High Court regarding the lawsuit filed by Hyundai Motor Securities for the return of unjust enrichment, and will pay the court-determined amount to the plaintiff.
The Seoul High Court ruled that the defendants, LS Securities and Hanwha Investment & Securities, are jointly liable to pay 24,564,109,590 won, along with interest calculated at an annual rate of 5% from November 9, 2018, to January 13, 2023, and an annual rate of 12% from January 14, 2023, until full payment is completed. LS Securities stated, "The amount we are required to pay the plaintiff is a partial sum determined by the agreed allocation ratio among the defendants."
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Previously, Hyundai Motor Securities, which had invested in the CERCG-linked ABCP, filed a lawsuit for the return of unjust enrichment in 2018 against LS Securities (formerly Ebest Investment & Securities) and Hanwha Investment & Securities, the companies involved in the issuance and underwriting of the ABCP.
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