▲ Justice Minister Jung Sung-ho (L) speaks during a press briefing in Seoul on Feb. 23, 2026, on a lawsuit filed at a British court over an investor-state dispute settlement case involving U.S. hedge fund Elliott Investment Management. (Yonhap)

S Korea-Elliott case

S. Korea wins lawsuit seeking to revoke arbitration ruling in Elliott case

SEOUL, Feb. 23 (Yonhap) -- South Korea has won a case filed at a British court seeking to reverse an international tribunal court's order to pay more than US$100 million in damages to the U.S. hedge fund Elliott Investment Management over the 2015 merger of two Samsung affiliates, the justice ministry said Monday.

In June 2023, the South Korean government was ordered by the Netherlands-based Permanent Court of Arbitration (PCA) to pay $107.8 million, including damages and interest, to Elliott in a dispute stemming from the controversial merger of Samsung C&T Corp. and Cheil Industries Co.

Seoul filed a lawsuit with London's High Court the following month, claiming the PCA ruling should be overturned due to a jurisdiction violation based on the provisions of the South Korea-U.S. free trade agreement. But the British court dismissed the suit in August 2024, saying it has no jurisdiction over the case.

In July last year, the British Court of Appeal ruled in favor of South Korea and sent the case back to the High Court, which led to the latest ruling.

With the decision, the case will again be reviewed for an arbitration ruling.

Elliott was a shareholder of Samsung C&T at the time of the 2015 merger.

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