Newsletter | November 2015, Issue 3
	International Arbitration & Cross-Border Litigation
	European Buyer Wins a KRW 6 Billion Arbitral Award in an AAA/ICDR Arbitration in New York
	In another post-M&A dispute, with a claim amounting to KRW 7 billion, we obtained a favorable award for our client, a well-known European auto parts supply company, in an American Arbitration Association (“AAA”) International Centre for Dispute Resolution (“ICDR”) arbitration seated in New York.
	The Tribunal consisted of three renowned U.S. arbitrators, and the arbitration was governed by New York law.
	Facts
	The dispute arose from a share purchase agreement involving the European auto parts supply company’s acquisition of a Korean auto parts company.  After the takeover, the European buyer discovered that the Korean seller had violated 9 aspects of the representations and warranties of the agreement.
	On behalf of the European buyer, we filed an AAA/ICDR arbitration, seeking damages in the amount of KRW 7 billion.  The seller denied all allegations of the violation of the representations and warranties, and the resulting claim for damages.
	Hearing
	During the four-day hearing in New York, we successfully proved that the seller had been in breach of the representations and warranties, and the amount of damages suffered by the client.  As part of our overall representation, we engaged in extensive review of the relevant New York court cases.
	Outcome
	In an extremely favorable decision for our client, the tribunal ultimately acknowledged KRW 6 billion claim for damages.
	This case is another typical dispute arising in a post-M&A context.  What is noteworthy about this case is that although the governing law was New York law, and the tribunal and procedures were U.S.-oriented, Kim & Chang solely and successfully represented the European company and brought about a favorable outcome.
	Back to Main Page
	For more information, please visit our website:
	www.kimchang.com International Arbitration & Cross-Border Litigation Practice Group