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Damn The Leaks

Leaks are bad.

The Financial Services Commission and the Financial Supervisory Service have decided to punish the three largest credit card companies for the recent massive data leak that affected 40-percent of Koreans, by suspending their membership and loan activity for three months. (cite) A single employee of the Korean Credit Bureau was responsible for stealing the names, numbers, ID numbers, (everything) of around 20-million card holders months ago, though the information was never circulated (we hope), phone numbers were sold to phone marketing companies, whose managers were later arrested.

The other big leak is the oil spill in Yeosu.  What is ironic is after the long awaited Yeosu Expo that trumpeted the theme of “The Living Ocean and Coast” and “Preservation and Sustainable Development of the Ocean and Coast,” it is also home of a new Oil spill of “yet to be determined scope” that is at least 3-4 kilometers long but the Coast Guard claims they have contained “nearly 70-percent” of the spill, though it was reported as being undetermined just how much is spilled, though a Chinese source believes it was at least 164 liters of oil.  The leak occurred when a tanker reportedly rammed a off-loading dock, resulting in a pipeline leak. At least this is much smaller than the 5,000 tons spilled in 1995 when the the Korean oil tanker Sea Prince ran aground during a typhoon or the spill in 2007 when the Hebei Spirit was rammed and leaked ~10,800 tons (only one-third the size of the infamous Exxon-Valdez spill in Alaska).

About the author: Psst, want to buy some used marble cheap?

  • gbnhj

    A class-action lawsuit was mentioned in the article. Does anyone know if defendants in Korean courts may be awarded punitive damages in such cases? If so, how are those damages calculated?

  • http://www.bcarr.com/ Brendon Carr

    “Class action” is a misnomer. It’s a group action or mass action, but not a class action because Korea has no generalized system of class actions permissible under the Code of Civil Procedure. A class action is a case which is certified by the court as representing and binding all similarly-situated plaintiffs including those who are not participants in the lawsuit. Korea doesn’t have this type of case.

    I can explain further on damages, but it will have to wait because I’m scrambling to tie up loose ends before hopping on a plane. Maybe Kimchi Law Blog can weigh in.

  • Wedge1

    That captain best not be setting foot in this country if he knows what’s best for him.

  • SalarymaninSeoul

    Oh a challenge. I bet he can’t.

  • brier

    I wonder if the ‘captain’ of the off loading dock was placed in jail for allowing a tanker to hit it? But I digress.

  • gbnhj

    Thanks in advance. (Also, if Kimchi Law Blog is reading this: Some time ago, by chance I found your blog, and read how you wanted to pick up the law blog torch that Brendon put down. ‘Great news’, I thought, and bookmarked your page. On my next visit, however, I discovered that the blog had become private. I hope you’ll consider making it publicly-available again. Even some of us non-legal types are nonetheless interested in the law.)

  • RElgin

    Ummm, You are subtle there; what happened to the Hebei Spirit captain was an injustice and Samsung was directly involved in that mischief too.

  • Sumo294

    To those outside of Korea–the data leak scandal is a big deal over here at the Land of the Morning Calm. A lot of CEO’s who were not part of the three are being forced to resign–and a whole lot deputies are going to lose their jobs. The severity of the witch hunt is severe but I have to admit–I doubt there will ever be another data leak again–when the CEO can be burned, stuff gets fixed.

  • redwhitedude

    I certainly hope so.