Samsung To Pay Creditors $2.4B: South Korean Court

Law360, New York (January 31, 2008, 12:00 AM EST) -- A South Korean court has reportedly ordered Samsung Group and its chairman to pay $2.4 billion to shareholders of the company’s failed automaker, putting to rest the nation’s largest civil suit.

On Thursday, the Seoul Central District Court ruled in favor of former creditors of Samsung Motors, ordering the South Korean conglomerate to sell shares of Samsung Life Insurance Co. given to the creditors in 1999 to pay off Samsung Motors’ debts, in order to repay the shareholders for their remaining losses, according to several news...
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