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Banks, builders take up 60 pct of corporate lawsuits in 2012

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(Globalpost/GlobalPost)

SEOUL, June 19 (Yonhap) -- Banks and builders accounted for nearly 60 percent of corporate lawsuits filed in 2012, data showed Wednesday, due mainly to an increase in conflicts amid the protracted economic slump.

The combined number of lawsuits filed by or against 182 firms came to 26,640 cases of which combined values are estimated at 20.5 trillion won (US$18.1 billion) last year, according to the data by CEO Score, a Seoul-based market researcher.

The data showed 12 banks involved in 6,056 lawsuit cases estimated at 6.7 trillion won in 2012, which accounts for 34.4 percent of the total legal tussles.

Local builders also encountered 1,681 lawsuit cases worth 5.6 trillion won last year, apparently due to a prolonged slump in the construction sector. It accounts for 24.5 percent of the combined amount.

Woori Bank, the main banking unit of Woori Finance Holdings Co., faced 1,305 lawsuits estimated at 2.1 trillion won last year, while 1.4 trillion won worth of lawsuits was filed by the bank.

Top lender Kookmin Bank encountered 359 lawsuits sized at 1.1 trillion won, trailed by No. 5 lender Korea Exchange Bank with 1,071 cases and Shinhan Bank with 369 cases, the data showed.

Daewoo Engineering

http://www.globalpost.com/dispatch/news/yonhap-news-agency/130618/banks-builders-take-60-pct-corporate-lawsuits-2012