KIKO Lawsuit vs. Banks

Small and medium-size companies, which have suffered huge losses from investments in KIKO (knock in, knock out) currency option products, filed a lawsuit with the Seoul Central District Court yesterday against domestic banks. The companies are demanding the confirmation of the non-existence of debt, saying in a statement, “KIKO option transactions are based on unfair terms that make them invalid.” They also want damages arising from the incomplete sales of banks.