South Korea loses appeal

The U.K. High Court has dismissed South Korea's appeal against a ruling requiring it to pay over $100 million to U.S. hedge fund Elliott Management, stemming from a dispute over a contentious $8 billion merger of two Samsung affiliates in 2015. The Permanent Court of Arbitration had previously ordered South Korea to compensate Elliott approximately $108.5 million, including damages and legal fees. South Korea argued that the PCA lacked jurisdiction based on the U.S.-ROK Free Trade Agreement, but this argument was rejected by the High Court. Elliott expressed satisfaction with the ruling, emphasizing that it aligns with established principles of English law. The case has also prompted additional legal actions and criminal proceedings in South Korea, including appeals related to the acquittal of Samsung Electronics Chairman Jay Y. Lee. South Korea's counsel has indicated plans to appeal the High Court's decision, which continues to accumulate interest.