Recent Works
BKL Secures Final Supreme Court Victory in TFT-LCD International Cartel Damages Litigation
Final Supreme Court Victory After More Than 12 Years of Litigation
Bae, Kim & Lee LLC (“BKL”) secured a final victory before the Supreme Court of Korea on behalf of LG Electronics Inc. and its overseas affiliates in damages litigation against Taiwanese TFT-LCD panel manufacturers arising from an international cartel. The final judgment came approximately 12 years and seven months after the action was first filed.
On August 13, 2026, the Supreme Court dismissed the appeal filed by defendant HannStar Display Corporation (Supreme Court Decision No. 2026Da201744), thereby affirming the judgment in favor of the plaintiffs.
The case arose from an international cartel involving major manufacturers in Korea, Taiwan and Japan that agreed on the prices and supply volumes of TFT-LCD panels through the so-called “Crystal Meetings” between 2001 and 2006. In 2011, the Korea Fair Trade Commission (“KFTC”) imposed administrative fines totaling KRW 194 billion in connection with the cartel.
Following nearly ten years of proceedings, the court of first instance ruled in favor of the plaintiffs. On appeal, the court ordered damages of approximately KRW 28.2 billion in principal, together with delay interest, bringing the total amount awarded to approximately KRW 54.8 billion as of the date of the appellate judgment. The Supreme Court’s decision has now made that judgment final and conclusive.
A Landmark Case Addressing the Full Range of Issues in International Cartel Damages Litigation
The dispute was highly international in nature. Six of the seven plaintiffs, other than the Korean headquarters of LG Electronics, were overseas entities, while all of the defendants were Taiwanese companies.
The case also involved an extensive dataset of TFT-LCD panel transactions covering both the cartel period and the periods before and after the cartel. This enabled the parties to estimate, using econometric analysis, the hypothetical competitive prices that would have prevailed in the absence of the cartel and to quantify the resulting damages.
As a result, virtually every major issue that can arise in international cartel damages litigation was contested throughout the proceedings, including international jurisdiction, governing law, statute of limitations, the calculation of damages through econometric expert analysis, and the passing-on defense.
BKL successfully defeated the defendants’ arguments on each of these issues from the first-instance proceedings through the Supreme Court appeal, relying on established Supreme Court precedent and detailed factual analysis. BKL also obtained the final Supreme Court decision within approximately five months of the appeal.
Important Supreme Court Guidance on the Statute of Limitations for Cartel Damages Claims
One of the key issues in the case concerned the statute of limitations.
The courts held that where companies accused of cartel conduct continue to deny and contest the allegations in investigations and judicial proceedings around the world, it may be difficult for the injured companies to specifically recognize that they have suffered damages.
Accordingly, the statute of limitations was held to commence only when the legal uncertainty surrounding the characterization of the concerted conduct had been resolved — in this case, when the judgment in the Korean administrative litigation concerning the cartel became final.
The ruling provides important guidance for determining when the statute of limitations begins to run in cartel damages claims involving complex and contested international antitrust investigations and proceedings.
An Integrated “One Team” Approach to a Highly Complex Cross-Border Dispute
The case required the combined application of Korean competition law principles governing unlawful concerted acts, private international law, econometric analysis and the strategic management of large-scale litigation spanning more than 12 years.
BKL formed an integrated team comprising lawyers from its Antitrust & Competition Group and Litigation & Arbitration Group and handled the entire matter seamlessly, from pre-litigation strategy and the analysis and rebuttal of expert findings to courtroom advocacy and the Supreme Court proceedings.
The result demonstrates BKL’s ability to bring together specialists across multiple disciplines in exceptionally large and complex disputes. This integrated “one team” approach also contributed to BKL’s successful representation of the Republic of Korea in the Lone Star investor-state dispute settlement (“ISDS”) proceedings, which concluded after 13 years with a complete victory for Korea.
The TFT-LCD cartel case represents another significant example of BKL’s cross-practice capabilities delivering a successful outcome in a highly complex international dispute.
A Milestone for Private Enforcement of International Cartel Damages in Korea
The final judgment confirms that damages caused by an international cartel led by foreign companies outside Korea may nevertheless be fully recovered before the Korean courts under Korean law where the harm has a substantial connection with Korea.
By enabling Korean purchasers to recover damages from foreign manufacturers for cartel conduct affecting a global component supply chain, the case demonstrates that private enforcement — through which cartel victims seek recovery of their actual losses through civil litigation — can operate effectively in the context of international cartels.
The decision is therefore expected to serve as an important precedent for future victims of international cartels seeking remedies before the Korean courts.
BKL’s Role
Drawing on the legal principles, litigation experience and economic-analysis know-how developed through this case, BKL advises clients across the full spectrum of domestic and international cartel damages disputes.
BKL’s capabilities extend from developing litigation strategies for companies seeking compensation, proving and quantifying cartel damages, and enforcing judgments to defending companies against cartel damages claims. By integrating deep expertise in antitrust and competition law, cross-border litigation, private international law and economic analysis, BKL is well positioned to handle complex private enforcement matters arising from domestic and international cartels.
Related Professionals: Kitae Hong Partner, Changhyun Lee Partner, Junyeun Cho Partner, Sung Gene Park Partner, Cheolyong Park Associate
