LS Securities to Pay 1.72 Billion KRW in Reconciliation Ruling with Hana Bank over ABCP Lawsuit
The Seoul High Court issued a reconciliation recommendation in the unjust enrichment lawsuit filed by Hana Bank against Hanwha Investment Securities and LS Securities regarding ABCP default.
LS Securities will bear a portion of the 1.72 billion KRW settlement according to the agreed share among defendants, which is a minor 0.20% of its equity of 878.7 billion KRW.
The company plans to pay the amount following legal procedures and close the case.
[AI Summary]This reconciliation decision resolves the prolonged litigation uncertainty with a small financial burden, limiting the impact on fundamentals. While the agreement with credible counterparty Hana Bank eliminates legal risk, the cash outflow represents unproductive capital allocation.
KOSDAQ Filing Information
Judgment Or Decision On Lawsuit, Etc. (Voluntary Disclosure: Claim Below Specified Amount)