1. All appeals filed by the Plaintiff and the Plaintiff’s Intervenor are dismissed.

2. The portion resulting from the participation in the appeal costs.

1. Basic facts

A. The Defendant concluded an entrustment contract with the Plaintiff’s Intervenor for the acquisition solicitation of indirect investment securities and served as the acquisition adviser, and concluded a performance guarantee insurance contract (hereinafter “instant insurance contract”) with a view to securing the Plaintiff’s Intervenor’s liability for damages against the Plaintiff’s Intervenor’s Intervenor’s Intervenor’s Intervenor’s Intervenor who suffered from the Defendant’s nonperformance of obligations or illegal acts arising from the acquisition solicitation process, around September 2007, the Plaintiff and the Defendant concluded the performance guarantee insurance contract (hereinafter “instant insurance contract”). From September 13, 2007 to September 12, 2008, the insurance period was KRW 10 million, and the content of the guarantee was “payment guarantee pursuant to the entrustment contract for the acquisition of indirect investment securities.

B. However, on June 4, 2013, the Plaintiff’s Intervenor filed a claim against the Plaintiff for insurance proceeds on the grounds that the Defendant committed a tort related to the sale of indirect investment securities and paid compensation to B, a civil petitioner. On July 1, 2013, the Plaintiff paid KRW 9 million insurance proceeds to the Plaintiff’s Intervenor.

C. Meanwhile, the main contents of the consignment contract between the Defendant and the Plaintiff’s Intervenor on September 8, 2006 are as follows.

Article 7 (Matters to be Observed) Any acquisition adviser of indirect investment securities shall faithfully comply with each of the following subparagraphs:

7. When acquiring indirect investment securities, he/she shall provide investors with an investment prospectus and shall fully explain the major contents of the investment prospectus;

Article 10 (Compensation for Damages) Any company may claim damages from an acquisition adviser of indirect investment securities in any case falling under any of the following subparagraphs:

5. Where any damage has been incurred due to failure to give sufficient notice of investment risks of performance-based goods, such as the possibility of loss of principal, etc.;

7. Where any loss occurs to the company due to the intention or negligence of the person who has recommended the acquisition of indirect investment securities, such as failing to comply with other matters to be observed under this contract, A.