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| TITLE | 【Syllabus of Latest Opinion】 Supreme Court Decision 2023Da216388 Decided April 30, 2026 【Unjust Enrichment】 [full Text] |
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| Summary | |
| 【Main Issues and Holdings】 [1] Standard of determining whether there is a “necessity of preservation,” a requirement for exercising an obligee’s right of subrogation to an obligor [2] Details of the investor protection duties borne by a financial investment business entity that substantially led the issuance and distribution of Asset-Backed Commercial Paper (ABCP), and whether the financial investment business entity bears liability for damages arising from unlawful acts where it affects investors’ investment decisions in violation of the aforementioned duties, thereby causing damage to investors (affirmative) Whether such liability of the issuer or distributor of Asset-Backed Commercial Paper (ABCP) should be equally borne even in relation to investors other than the counterparty to whom it directly recommended the investment (affirmative) [3] Whether a proximate causal relationship is recognized between a financial investment business entity’s violation of its investor protection duties and an investor’s damage where the investor suffered damage by failing to recover the investment money as the financial investment business entity violate its investor protection duties (affirmative) [4] Method and base point in time for calculating the amount of damages where a financial investment business entity violates its investor protection duties, thereby causing damage to investors (= the point in time when the occurrence of the unrecovered amount is finalized) [5] In a case where Bank A, which is an investor that purchased Asset-Backed Commercial Paper (ABCP), claimed damages, etc. resulting from a violation of the investor protection duties in relation to the damage of failing to recover the investment money against Securities Company B, etc., a financial investment business entity that led the issuance and distribution of the above commercial papers, the case holding that, while recognizing the liability for damages of Securities Company B, etc., Bank A suffered damage equivalent to the amount left after deducting the amount recovered or recoverable in connection with the commercial papers from the investment money paid to acquire the commercial papers upon the arrival of the maturity of the commercial papers | |
