In brief, February 15, 2010
Korea backs banks on options claims
A district court in Seoul ruled on February 8 that South Korean banks’ sales of disputed currency-option contracts were fair, according to local reports. Seoul’s Central District Court rejected a claim for a refund from Soosan Heavy Industries, which said it was damaged by “incomplete explanation” from Woori Bank and Citibank Korea. The dispute focused on knock-in/knock-out contracts.The contracts, sold to hedge against an appreciating won, led to losses at
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