New Legislation Proposed in Korea to Allow Private Antitrust Damages Lawsuits

Dao-Young Kim, head of the Korean Fair Trade Commission’s (KFTC) international division, announced recently that the KFTC has proposed new legislation that would open the door for private antitrust enforcement in Korea. According to Mr. Kim, the proposals include provisions for class action lawsuits, treble damages and injunctions. Safeguards will be in place in the class action system to ensure that it will not be abused and to avoid fishing expeditions by plaintiff lawyers. Such safeguards are likely to include class certification requiring court approval. There is also a proposal to amend the law so that leniency documents are protected from disclosure proceedings.