證券集團訴訟制의 爭點

Abstract

In this paper several legal issues on the securities class action are dealt with, laying stress on the articles of the Securities Class Action Act, 2004(SCAA). The main purpose of the SCAA is to improve the corporate governance and to enhance the transparency of the Chaebol. But from the experience in the US, it may be easily inferred that abusive litigation will become serious threats to the most companies, because the criteria of applying the SCAA is somewhat ambiguous. Once a litigation is raised against some company, the stock value of that company will drop dramatically regardless of doing a wrongul act really and the company may go to bankrupcy as a result of it. Therefore it is very important to device some measures to prevent abusive litigation for protection of corporation's legal rights. Notwithstanding the basic structure of the SCAA seems to be appropriate in this respect, it seems that several legislative measures need to be added. Among them it is the most important to grant an indulgence for the past misconduct in accounting to the enterprises whose assets is over 2billion won.