1. All of the instant lawsuits are dismissed.

2. Litigation costs shall be borne by U law firm;

1. Basic facts

A. 1) The defendant W is a corporation AB (hereinafter “AB”) that runs an investment advisory business, etc.

(2) Defendant X is the actual representative of AB, Defendant X is the subsidiary of AB, Defendant X is the internal director and marketing head of AB, Defendant Z is the representative of AB, and Defendant AA is the representative of AC, which is a personal enterprise managing the investment funds of AB. 2) The Plaintiffs are the persons asserting that they invested in AB.

B. On April 4, 2016, the Seoul Central District Court found the Defendants guilty of the violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Fraud), the violation of the Act on the Regulation on the Aggravated Punishment, etc. of Specific Economic Crimes, and the violation of the Financial Investment Services and Capital Markets Act. The Seoul Central District Court sentenced Defendant W to the punishment of 13 years of imprisonment, Y and X 7 years of imprisonment, Z and A 4 years of imprisonment. The Defendants jointly issued a compensation order to pay 115,146,50,00 won to 2,466 persons who are applied for compensation. The Seoul Central District Court acquitted the Defendants of the same violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Joint), 1010, 1021, 2080, 2016, 721, 856, 2016, 2016, 2016, 2016, 2016).

The following facts of crime.