South Korea Wins Arbitration Case Against Lone Star Funds (1)

South Korea has prevailed in its long-running legal battle with US private equity firm Lone Star Funds over a $216.5 million award against the government stemming from the 2012 sale of Korea Exchange Bank.

The International Centre for Settlement of Investment Disputes, a World Bank arbitration tribunal known as ICSID, ruled in favor of South Korea, Prime Minister Kim Min-Seok said during a briefing on Tuesday.

The ICSID committee overturned a previous arbitration award issued in August 2022, which had ordered Seoul to pay Lone Star. The committee also ordered Lone Star to reimburse the South Korean government about 7.3 ...