Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Eugene Investment faces lawsuit for system failure
Eugene Investment & Securities in Seoul
By Park Jae-hyuk
By Park Jae-hyuk
Eugene Investment & Securities is facing a lawsuit from a group of customers for a system failure that disrupted its home trading system (HTS) and mobile trading system (MTS) for three hours on Aug. 9, according to industry officials, Wednesday.
Although the brokerage house came up with a compensation plan Monday, customers have claimed the company is trying to minimize the amount of compensation.
According to the company, investors who failed to make a sell order during the system failure are entitled to the planned reimbursement. Those who tried to contact the firm during the breakdown also can demand compensation.
“The securities firm will be able to interpret the conditions for compensation claim arbitrarily, so the amount of compensation is expected to be minimized,” said lawyer Suh Jin-young of Sun law firm, who is leading the suit. “The complaint will be filed by the end of August.”
The customers said they will also file a complaint with the Financial Supervisory Service.