Press Release [Money Today] Lee & Ko (as Client’s Sole Legal Counsel) Achieves Complete Victory in International ICC Arbitration Case2019.03.12
Lee & Ko[, one of Korea’s top international law firms,] has received the “2019 Korea Law Firm Arbitration Award” in recognition of the firm’s remarkable achievement in obtaining a very substantial victory in a recent multi-million dollar value ICC arbitration case in which Lee & Ko acted as sole legal counsel for a Korean technology company specializing in electric vehicle technology. The arbitration concerned contractual breaches committed by a state-run electric vehicle company in India under an MOU that had been entered into between the Indian company and the Korean technology company.
Under the terms of the MOU, the Korean technology company had agreed to transfer certain core technology for electric vehicles to the Indian company in exchange for certain exclusive strategic business alliance/participation rights vis-à-vis the Indian company in the future. However, the Indian company subsequently failed to pay agreed-upon royalties for the use of the technology and also breached the MOU provisions by failing to allow participation by the Korean technology company in relevant business activities. Pursuant to these breaches, the matter was submitted to the ICC for arbitration.
Lee & Ko, acting as sole legal counsel for the Korean technology company in all aspects of the arbitration proceedings, put forward the client’s demand for payment of all previously agreed-upon royalties relating to the Indian company’s past and future use of the transferred technology under the terms of the MOU, together with a request for an injunction to prohibit the Indian company from using the transferred technology for a period of 17 years following the expiration of the MOU.
Although the Indian company attempted to defend itself against the claims and demands presented by Lee & Ko for the firm’s client, the arbitration panel ultimately ruled in favor of Lee & Ko’s client with regard to each claim and demand, while simultaneously dismissing the various defensive arguments presented by the Indian company. The arbitration panel also ordered the Indian company to pay several million dollars in compensation for legal costs.
People Lee & Ko launches International Litigation Practice Group2019-03-07