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04/16/2024
YFH announces on behalf of YSK regarding the Seoul High Court’s dismissal of plaintiffs ’ appeal against the civil second instance judgement
- Parties to the legal matter:
Plaintiff: Won-IL Seo and the others (as selected parties to class actions)
Defendant: Yuanta Securities (Korea) - Name of the court or punishing agency of the legal matter: Seoul High Court
- Reference/Case number of relevant documents of the legal matter: 2023NA2011017
- Date of occurrence of the event: 2024/04/16
- Details of occurrence (including the matter under dispute): 1246 plaintiffs filed a class action against Tongyang Securities (currently, Yuanta Securities (Korea)) for KRW492.5 billion, claiming for the losses they suffered as a result of Tongyang Group’s filing of court receivership on 2013/9/30 after they subscribed bonds issued by Tongyang Group. This case has been entered into a substantial review and has been presided by the Seoul Central District Court since 2020/2/21. The Seoul Central District Court dismissed the plaintiffs’ complaint on 2023/01/19. The plaintiffs filed an appeal against the first instance judgement for KRW113.007 billion. The appeal was then dismissed by the Seoul High Court on 2024/01/24 and the plaintiffs filed an appeal against the civil second instance judgement on 2024/02/15.
- Handling procedure: Yuanta Securities (Korea) was informed on 2024/04/16 that the Seoul High Court dismissed the plaintiffs’ appeal due to non-payment of litigation fees.
- Impact on the Company’s finance and business and projected amount: There is no material effect on the finance and business of Yuanta Securities (Korea) and YFH.
- Countermeasures and improvement status: N/A
- Any other matters that need to be specified (the information disclosure also meets the requirements of Article 7, subparagraph 2 of the Securities and Exchange Act Enforcement Rules, which brings forth a significant impact on shareholders rights or the price of the securities on public companies.): After the dismissal ruling is final and binding, the case will be closed.