유통시장에서의 부실공시에 대한 손해배상책임 - 대상판결: 대법원 2015. 1. 29. 선고 2014다207283 판결 -

Abstract

This paper analyzes the first case, the Supreme Court of Korea 2015. 1. 29 holding No. 2014Da207283, dealing with a damage arising from the misrepresentative disclosures of material facts on the regular reports by one public company in the secondary market (so called, KOSDAQ) since the enforcement of the Capital Market and Financial Investment Services Act (hereinafter the Act) in 2009. Under the old Securities Exchange Act, however, provisions relevant to a damage arising from the misrepresentation in the primary market applied clearly and exactly to one in the secondary market, which aimed at enabling potential investors and current investors to make informed decisions regarding the sale or purchase of stocks. In addition, case laws held by the Supreme Court of Korea have been regarding the legal damage theories in both markets as identical without exceptions. Thus, the case of this paper is not differentiated from old cases, and its legal doctrines are same as traditional doctrines derived from old cases. Nevertheless, the author considers the analysis of this paper very meaningful, since the author realizes some differences between the old regime and the current Act and tries to compare similarities and differences between both markets for the first time. In addition, the author has the chance of studying either on the complicated theory of causation, including transaction causation and loss causation or on the fraud on the market theory. This paper focuses on some important issues, including the role and importance of an event study when considering the interruption of a causation, and analyzes deeply on those legal doctrines of section 162 of the Act and accompanying traditional case laws.