Plaintiff 1 and seven others (Law Firm Hannuri, Attorneys Kim Young-young et al., Counsel for the plaintiff-appellant)

Korea Asset Management Co., Ltd. and one other (Law Firm Sejong, Attorneys Kim Min-Gyeong et al., Counsel for the plaintiff-appellant)

June 26, 2009

1. The Defendants: 15,978,580 won; 11,231,561 won; 7,019,736 won to Plaintiff 3; 16,077,372 won to Plaintiff 4; 10,498,425 won to Plaintiff 1-dong Saemaul Bank of Korea; 6,720,69 won to Plaintiff 6 (Plaintiff 5 of the judgment of the Supreme Court); 81,546,988 won to Plaintiff 7 (Plaintiff 6 of the judgment of the Supreme Court); 81,326,784 won to Plaintiff 8 (Plaintiff 7 of the judgment of the Supreme Court); and 15,326,784 won to Plaintiff 3; and 1,4,6,77, and 8% of the annual interest paid to Plaintiff 4 to Plaintiff 1 during the period from November 11, 2005 to 201, 208.

2. The plaintiff's primary claim and the remaining conjunctive claim are all dismissed.

3. Of the costs of lawsuit, 2/3 of the costs of lawsuit are borne by the Plaintiffs, and the remainder by the Defendants.

4. Paragraph 1 can be provisionally executed.

Main: Defendant Gyeongnam Bank shall pay to the plaintiffs the amount of money stated in the separate sheet "amount of claim" and 20% interest per annum from November 4, 2008 to the date of full payment.

Preliminary: The Defendants jointly and severally pay to the Plaintiffs the amount of each stated “preliminary Claim” in the separate sheet and the amount calculated by applying 5% per annum from each date to November 3, 2008 and 20% per annum from the next day to the date of full payment.

1. Basic facts

A. Status of the parties

(1) Defendant Korea Asset Management Corporation (hereinafter “Defendant Asset Management Company”) is a truster company under the former Act on Business of Operating Indirect Investment and Assets (established by Act No. 8635, Aug. 3, 2007; repealed by Article 2 of the Addenda to the Financial Investment Services and Capital Markets Act (amended by Act No. 8635, Feb. 4, 2009; hereinafter “former Investment and Capital Markets Act”) established for the purpose of managing the assets of the indirect investment fund, and it issues beneficiary certificates by establishing Korea Asset Management Investment Trust No. 1 (hereinafter “Fund No. 1”) and No. 2 (hereinafter “Fund No. 2”) of Korea Derivatives Derivatives Investment Trust Co., Ltd. (hereinafter “Financial Investment Services and Capital Markets”), which is our derivatives, as a truster company under the former Act on Business of Operating Indirect Investment and Capital Markets (established by Act No. 8635, Feb. 1, 2009); and Defendant Sejong Bank (hereinafter “Defendant Bank”) established a consignment contract with each of the asset management companies.

(2) The Plaintiffs are investors who subscribed to each of the instant funds via Defendant Bank, the selling company.

B. The revenue structure of each of the instant funds

(1) No. 1 of the instant OTC derivatives 2 of the OTC derivatives CEO 2 linked to the price of multiple foreign stock certificates x 10% of the total amount of principal and interest x 2011 maturity bonds (N-Backed 2011; hereinafter “OTC derivatives 1”) x 10% of the instant OTC derivatives x the total amount of principal and interest x 26% of the instant OTC derivatives x 10% of the instant principal and interest x 10% of the instant principal and interest x 16% of the instant OTC derivatives x 16% of the instant principal and interest x 10% of the instant principal and interest x 10% of the instant principal and interest x 2012 of the instant OTC derivatives x 16% of the instant principal and interest x 25% of the instant investment bonds.

(2) The instant over-the-counter derivatives subject to the principal investment of the Fund No. 1 of the instant case is a special purpose company called CEDO plc, and the issuer is a 110 shares traded in all world major markets, including Europe, Japan, the United States, Canada, and Australia (hereinafter “CSBi”), with the shares of risk scenario 56 shares and insurance scenario 56 shares, and the shares of risk scenario items among the shares of risk scenario items (i.e.,, the seller will incur loss if the share price of risk scenario items falls below 35% of the base price). For the shares of insurance scenarios, the issuer suffers loss as much as the underlying assets of the insurance purchaser fall below 35% of the total share price (i.e., the price decline below 3% of the total share price).

In other words, (1) CESO PPc pays cash received from the Fund No. 1 of this case to SSFBi, and receives collateral bonds from CEFBi. (2) CESO PPc pays interest accrued from collateral bonds to the due date, and receives fixed interest interest from SSFBi. At the time of the establishment of the OTC derivatives of this case, the fixed interest shall be the source of the quarterly settlement of the Fund No. 1 of this case (3) as consideration for the risk scenario and the interest on collateral bonds of the Fund No. 1 of this case, the fixed interest shall be the source of the quarterly settlement of principal and interest on the Fund No. 5 of this case (3) from the date of maturity to 35% of the total amount of principal and interest accrued from CESBi of this case - from the date of redemption to the due date of maturity of 35% of the initial rate of redemption (3%) from the date of maturity of the Fund - from the date of redemption to the due date of maturity of 5% of this case.

The basic structure of OTC derivatives No. 2 is the same as OTC derivatives No. 1 of this case, except that the maturity date is December 26, 2011; that the number of principal preservation events is 56; that CEO plc may demand early redemption every quarter after the lapse of three years from the date of issuance of OTC derivatives; that CEO plc may demand early redemption at each quarter after the lapse of three years from the date of issuance of OTC derivatives; and that it is possible to early redemption upon the consent of CFBi; and that additional payment is made in addition to

(3) Therefore, each of the instant OTC derivatives is linked to the profit structure of each of the instant OTC derivatives and accrued interest accrued from the establishment to the maturity date of each of the instant OTC derivatives, and is paid as quarterly final and conclusive profit to the fund investors, and the terms and conditions of payment of the maturity repayment of each of the instant OTC derivatives are deemed as the terms and conditions of payment of the maturity repayment of each of the instant OTC derivatives, as they are,.

(4) On the other hand, each of the OTC derivatives of this case obtained A3 credit rating from Modys, and the long-term credit rating system of Mody related to this case is as listed below.

본문내 포함된 표 구분 장기신용 등급 부도확률 신용등급내용 무디스 등급 현황 예시(2005. 10. 25. 현재) 투자적격등급 Aaa 0.03% 최상의 신용상태 미국 국채 Aa1 0.05% 전반적으로 신용상태 우수하나 Aaa에 비하여 약간의 투자위험 존재 UBS, Citi Bank, HSBC Aa2 0.07% Aa3 0.10% A1 0.15% 신용상태 양호 삼성전자 A2 0.22% POSCO, SK 텔레콤, 한국전력 A3 0.28% 대한민국 국채, 산업은행, 기업은행, 한국가스공사, 한국씨티은행, KT, 수협, SC제일은행, 국민은행 Baa1 0.35% 신용상태 적절 (현재 이자지급 및 원금상환 문제없으나, 미래에는 위험존재) 우리은행, 신한은행, 하나은행, 조흥은행, 산업은행(후)(주 2), 기업은행(후), GS칼텍스 Baa2 0.43% 신한은행(후), 하나은행(후), 우리은행(후), 조흥은행(후), 외환은행 Baa3 0.56% 외환은행(후), 현대캐피탈, 대구은행, 부산은행, 전북은행, 현대차, LG전자, 기아차, KCC 투자 요주의 및 부적격등급 Ba1 0.73% 투자시 요주의 대상 SK Ba2 0.95% 데이콤, 하나로텔레콤, LG텔레콤 Ba3 1.39% ？ B1 2.04% 바람직한 투자대상이 아님 하이닉스 B2 2.99% ？ B3 5.63% ？ Caa 17.00% 신용상태 나쁨 ？ Ca 20.00% C 20.00% 최악의 신용상태 ？

Note 2) Industrial Bank (B)

However, unlike general bonds, the credit assessment of structureized bonds like each of the instant funds is not an assessment of the issuer’s ability to pay principal and interest, but an assessment of the possibility of paying principal and interest by using statistical techniques by taking account of the profit structure of the bonds, the credit rating of the issuing participating agency, and cash flow according to scenarios. It is merely an assessment of credit risk, namely, the payment stability, which has long been the principal and interest, and it is not an assessment of the market value fluctuations risk. Such credit rating can be modified, withdrawn, and postponed at any time. In fact, the credit rating of ETC derivatives in each of the instant OTC derivatives was adjusted downward from A3 to B3 on December 24, 2007, and on January 21, 2009 to Ca3 on January 21, 2009.

(5) Among the various Twitches of each of the instant CEO, it is appropriate for investors with knowledge and experience in finance and management issues necessary to assess risks and termination points of investment of over-the-counter derivatives, and it is appropriate to carefully examine all risks factors in terms of the financial situation and investment purpose of the purchaser before making the investment decision, and to determine that it is appropriate for the issuer of the instant OTC derivatives, risk scenarios and insurance scenarios and the other party to the instant insurance, and to investigate whether it is appropriate to determine the risk of investment loss by itself as to the securities and the other party to the instant OTC derivatives, which are the operation company of each of the instant OTC derivatives, and to identify the risk of investment loss.

C. Details of each of the funds of this case, including terms and conditions, investment prospectus, product description, advertisement paper, etc.

(1) On November 2005, the Defendant Asset Management Company established a trust agreement with respect to the Fund No. 1 of this case, which contains all the essential matters as stipulated in Article 27(2) of the former Telecommunication Act and Article 36 of the Enforcement Decree of the same Act (repealed by Article 2 of the Addenda to the Enforcement Decree of the Financial Investment Services and Capital Markets Act, No. 20947 of Feb. 4, 2009), and reported them to the Financial Services Commission in accordance with Article 29 of the same Act, and provided them to the Defendant Bank. The said terms and conditions contain the following “the principle of risk burden of beneficiaries”.

- - Pharmacopoeia -

Article 1 (Purpose, etc.)

(2) An investment trust in this case is an investment trust of derivatives investing in exchange-traded derivatives or over-the-counter derivatives for the purpose of avoiding risk exceeding 10/100 of the trust property from one month after the date of initial creation of the investment trust, which is similar to the risk of direct investment in exchange-traded derivatives

Article 5 (Reversion, etc. of Profit and Loss)

Profits and losses incurred by the instructions of an asset management company in connection with the operation of investment trust property shall be counted in the investment trust and reverted to beneficiaries.

Around December 2005, the Defendant Asset Management Company established a trust agreement in which the principle of beneficiary risk burden is stated as to the Fund No. 2 of this case, and reported it to the Financial Services Commission and provided it to the Defendant Bank.

(2) As to the Fund No. 1 of this case, the Defendant Asset Management Company prepared an investment prospectus with respect to the Fund No. 1 of this case in accordance with Article 56 of the former Investment Act and Article 54 of the Enforcement Decree of the same Act, and provided it to the Defendant Bank. The main contents

- Investment prospectus (No. 1 of this case) -

1. Matters concerning the investment trust concerned;

Ⅰ. Summary, purpose and strategy of investment trust;

2. Purpose of investment;

This investment trust shall pursue profits by investing most of its trust assets in over-the-counter derivatives linked to prices of multiple specific overseas certificates (limited to certificates issued in the European Economic Area (EA), Japan, United States, Canada, and Australia). However, there is no guarantee that the investment purpose of this investment trust is to be attained, and no party involved in this investment trust, such as an asset management company, trustee company, distributor, etc., shall guarantee the investment principal or the achievement of the investment purpose.

4. Major investment objects and investment plans; and

(ii)investment strategies;

(1) OTC derivatives, the investment of which is scheduled, shall be paid at a level of profit during each quarter (5-year government bonds interest rate + 1.2% per annum on the date of initial investment trust) from the date of issuance of OTC derivatives, irrespective of the stock certificates issued in the European Economic Area (EA), Japan, United States, Canada, and Australia as underlying assets, where the number of events of the fund at maturity is less than the number of events for preserving principal determined on the date of initial establishment of the investment trust, principal shall be paid, while when the number of events of the fund at maturity exceeds the number of events for preserving principal and interest, products which incur loss of principal. In particular, investment at a level of 6 years and 2 weeks including the term of the OTC derivatives contract, and thus, are suitable for the management of investors’ funds available for two weeks every six years and 2 weeks.

(2) Major contents of over-the-counter derivatives

(a) underlying assets;

(b) Maturity: Six years; and

(c) the initial base price;

(d) Payment of oophones: Payment of profits at a level every quarter from the date of issuance of over-the-counter derivatives (five-year interest rate on government bonds with the maturity of five years on the date of creation of an investment trust + 1.2% per annum

(e) requirements for the determination of events;

- When the initial base price falls below 35 per cent (income rate base -65 per cent).

- Observation on every Saturday after three years from the date of issuance of over-the-counter derivatives;

- The maximum number of events per item shall be 10 times limit;

(f) the pursuit of preserving principal and the terms and conditions of loss of principal;

A. Definitions

B. Conditions for pursuing the preservation of principal;

: 만기까지 ‘펀드 이벤트 수’ ≤ ‘원금보존 추구 이벤트 수’

C. Conditions for occurrence of principal loss;

: By maturity, “the number of events pursuing preservation of principal” ‘the number of events pursuing preservation of principal’

* The amount recovered upon occurrence of loss due;

= Principal ¡¿ [1 -]

Matters to be identified;

The rate of return on each quarter after the date of issuance of over-the-counter derivatives (the rate of national treasury bonds with the maturity of five years on the date of establishment of the first investment trust + 1.2% per annum) shall be paid to all investors on the date designated in advance in each quarter from the date of issuance of over-the-counter derivatives. However, the amount distributed to beneficiaries in this investment trust shall not necessarily mean the fixed

Redemption is not desirable even in the middle of the year.

OTC derivatives is structuralized goods of which profit structure is determined in advance by contract with the issuer, and if an investor makes a redemption even before maturity, there may be a difference between the appraisal price of OTC derivatives and the actual sale price due to redemption. In this case, if the appraisal price is greater than the sale price, there may be a possibility of infringing the interests of the remaining beneficiary. There is a high redemption fee different from the general investment trust in order to minimize the possibility of infringing the interests of the remaining beneficiary.

Matters concerning purchase and redemption of beneficiary certificates of Part II and distribution of investment returns;

(Ⅰ) Main investment recommendation and investment risk;

1. Objects of primary investment recommendations;

(1) OTC derivatives, the underlying asset of which is scheduled to be invested, shall be paid at a level of profit during each quarter (5-year government bonds interest rate + 1.2% per annum on the date of initial investment trust creation + 1.2% per annum) from the date of issuance of OTC derivatives, irrespective of the market price level of stock certificates issued in the European Economic Area (EA), Japan, United States, Canada, and Australia, which are underlying assets. When the number of events of the fund at maturity is below the number of events pursuing to preserve principal determined on the date of initial establishment of the investment trust, principal shall be paid, while when the number of events of the fund at maturity exceeds the number of events pursuing to preserve principal, products which may incur loss of principal. In particular, products suitable for the management of investors’ funds for a maximum of 6 years and 2 weeks, including the contract period of OTC derivatives.

② Also, over-the-counter derivatives scheduled to be invested can expect high profits if they meet certain conditions as structural designed. However, if they meet certain conditions, they are suitable for investors seeking high profits more than general bond-type products while bearing structural risks, such as the risk of principal losses, as determined in advance.

2. Investment risks;

(1) Derivatives investment risks: Derivatives may be exposed to a much higher risk than directly investing in underlying assets due to the let effect which can be settled in small deposits. Generally, over-the-counter derivatives are directly traded with a company issuing over-the-counter derivatives, and thus, the payment of principal and interest of over-the-counter derivatives may be delayed or the principal and interest may not be recovered due to the deterioration of business environment, financial status and credit standing of the company.

3. Loss risk for the original investment: This investment trust does not guarantee or protect the total amount of the principal and interest of the investment as a performance-based dividend product, and is not protected by the Korea Deposit Insurance Corporation, etc. unlike bank deposits. Accordingly, there is a risk of loss for all or part of the original investment, the risk of loss or decrease of the investment amount is entirely borne by the investor, and any party, such as an asset management company or a distributor, shall not be liable for the investment loss. In addition, if the redemption is made during the period at which the repurchase fee is imposed, the imposition of the repurchase fee may cause an investment loss or increase the scope of loss.

④ Market risk and individual risk: Investment trust property is exposed to the risk of changes in the macroeconomic index such as the price fluctuation in securities, interest rate, etc. by investing the investment trust property in bonds, derivatives, etc. In addition, the value of investment trust property may be sharply changed due to the issue of investment subject, the business environment of the issuing company, financial situation, and aggravation of the credit standing.

⑤ liquidity risk: In the event of investing in any item whose trading volume is not abundant from the investment trust property in consideration of the scale of the securities market, etc., there may be restrictions on redemption due to the liquidity shortage of the item subject to investment, which may cause decline in the value of the investment trust property. Generally, over-the-counter derivatives have to engage in direct transactions with the issuing company, unlike other securities or exchange-traded derivatives, so liquidity is low. Therefore, if it is intended to sell over-the-counter derivatives prior to maturity due to the occurrence of redemption amount corresponding to the beneficiary's redemption, etc., it may not be smooth to sell over-the-counter derivatives prior to maturity, and there may be a possibility of a price loss due to the middle sale.

Ⅲ. Distribution of profits from purchase and redemption of beneficiary certificates;

2. Redemption of beneficiary certificates:

(ii)the redemption fee;

(2) The redemption fees shall be charged as follows on the basis of the amount of redemption:

1. Redemption before the end of the trust contract period: 8% of the amount of redemption;

In addition, the Defendant Asset Management Company prepared an investment prospectus with almost the same content as the Fund No. 1 with respect to the Fund No. 2, and provided it to the Defendant Bank. The main contents are as follows.

- Investment prospectus (No. 2 of this case) -

1. Matters concerning the investment trust concerned;

Ⅰ. Summary, purpose and strategy of investment trust;

2. Purpose of investment;

This investment trust shall pursue profit by investing most of the trust property in over-the-counter derivatives linked to the price of at least 100 foreign specific stocks (limited to stocks issued in the European Economic Area (EA), Japan, the United States, Canada, and Australia).

However, there is no guarantee that the investment purpose of this investment trust is to be achieved, and no party involved in this investment trust, such as an asset management company, trustee company, distributor, etc., shall guarantee the principal of the investment or the achievement of the investment purpose.

In particular, since this product is a fund investing in over-the-counter derivatives with a very long period of redemption compared to a general fund and risks such as collecting redemption fees in part of principal, the time required for redemption and the risk of loss of principal are bound to be subscribed to the underground market. Moreover, the transferred over-the-counter derivatives may request an asset management company to make early redemption in every quarter after the lapse of three years from the date of issuance, and if the OTC derivatives operator consents to such request, it may be redeemed early regardless of the intention of the distributor and beneficiary.

4. Major investment objects and investment plans; and

(ii)investment strategies;

(1) OTC derivatives, the investment of which is scheduled, shall be paid at a level of profit during each quarter from the date of issuance of OTC derivatives (five-year maturity national bonds interest rate + 1.2% per annum on the date of the initial investment trust) regardless of the stock price level of stocks issued in the European Economic Area (EA), Japan, United States, Canada, and Australia, which are underlying assets; principal shall be paid when the number of events of the fund at maturity is below the number of events for preserving principal determined on the date of initial establishment of the investment trust; on the other hand, if the number of events of the fund at maturity exceeds the number of events for preserving principal and interest, the product will incur loss of principal. The expected investment period of this product will be six years and ten days including the term of the OTC derivatives contract. However, if an OTC derivatives operator consents to early repayment of OTC derivatives, it may be possible to be redeemed early without distinction from the intent of the distributor and beneficiary.

(2) Major contents of over-the-counter derivatives

(a) underlying assets;

(b) Maturity: Six years; and

- Requests for early redemption of over-the-counter derivatives incorporated by an asset management company every quarter after the lapse of three years from the date of issuance of over-the-counter derivatives, and where consent is given by an asset management company, early redemption is possible without distinction from the intent of the

(c) the initial base price;

(d) Payment of oophones: Payment of profits at a level every quarter from the date of issuance of over-the-counter derivatives (five-year interest rate on government bonds with the maturity of five years on the date of creation of an investment trust + 1.2% per annum

(e) requirements for the determination of events;

- When the initial base price falls below 35 per cent (income rate base -65 per cent).

- Observation on every Saturday after three years from the date of issuance of over-the-counter derivatives;

- The maximum number of events per item shall be 10 times limit;

(f) the pursuit of preserving principal and the terms and conditions of loss of principal;

A. Definitions

B. Conditions for pursuing the preservation of principal;

: 만기까지 ‘펀드 이벤트 수’ ≤ ‘원금보존 추구 이벤트 수’

C. Conditions for occurrence of principal loss;

: By maturity, “the number of events pursuing preservation of principal” ‘the number of events pursuing preservation of principal’

* The amount recovered upon occurrence of loss due;

= Principal ¡¿ [1 -]

Matters to be identified;

The rate of return on each quarter after the date of issuance of over-the-counter derivatives (the rate of national treasury bonds with the maturity of five years on the date of establishment of the first investment trust + 1.2% per annum) shall be paid to all investors on the designated date in advance every quarter from the date of issuance of over-the-counter derivatives. However, the amount distributed to beneficiaries in this investment trust shall not necessarily mean conclusive profits,

Redemption is not desirable even in the middle of the year.

OTC derivatives is structuralized goods of which profit structure is determined in advance by contract with the issuer, and if an investor makes a redemption even before maturity, there may be a difference between the appraisal price of OTC derivatives and the actual sale price due to redemption. In this case, if the appraisal price is greater than the sale price, there may be a possibility of infringing the interests of the remaining beneficiary. There is a high redemption fee different from the general investment trust in order to minimize the possibility of infringing the interests of the remaining beneficiary.

Matters concerning purchase and redemption of beneficiary certificates of Part II and distribution of investment returns;

(Ⅰ) Main investment recommendation and investment risk;

1. Objects of primary investment recommendations;

(1) OTC derivatives, the underlying asset of which is scheduled to be invested, shall be paid at a level of profit for each quarter (five-year National Treasury Bonds interest rate + 1.2% per annum on the date of initial investment trust creation + 1.2% per annum) from the date of issuance of OTC derivatives, regardless of the market price level of stocks issued in the European Economic Area (EA), Japan, United States, Canada, and Australia, which are underlying assets. When the number of events of the fund at maturity is below the number of events aimed at preserving principal determined on the date of initial establishment of investment trust, principal shall be paid, while at maturity, products will incur loss of principal if the number of events of the fund at maturity exceeds the number of events pursuing to preserve principal. The expected investment period of this product will be six years and ten days including the term of the OTC derivatives contract. However, if there is a request for early repayment of OTC derivatives, and if the OTC derivatives operator consents thereto, it may be redeemed early without

② Also, over-the-counter derivatives scheduled to be invested can expect high profits if they meet certain conditions as structural designed. However, if they meet certain conditions, they are suitable for investors seeking high profits more than general bond-type products while bearing structural risks, such as the risk of principal losses, as determined in advance.

2. Investment risks;

(1) Derivatives investment risks: Derivatives may be exposed to a much higher risk than directly investing in underlying assets due to the let effect which can be settled in small deposits. Generally, over-the-counter derivatives are directly traded with a company issuing over-the-counter derivatives, and thus, the payment of principal and interest of over-the-counter derivatives may be delayed or the principal and interest may not be recovered due to the deterioration of business environment, financial status and credit standing of the company.

3. Loss risk for the original investment: This investment trust does not guarantee or protect the total amount of the principal and interest of the investment as a performance-based dividend product, and is not protected by the Korea Deposit Insurance Corporation, etc. unlike bank deposits. Accordingly, there is a risk of loss for all or part of the original investment, the risk of loss or decrease of the investment amount is entirely borne by the investor, and any party, such as an asset management company or a distributor, shall not be liable for the investment loss. In addition, if the redemption is made during the period at which the repurchase fee is imposed, the imposition of the repurchase fee may cause an investment loss or increase the scope of loss.

④ Market risk and individual risk: Investment trust property is exposed to the risk of changes in the macroeconomic index such as the price fluctuation in securities, interest rate, etc. by investing the investment trust property in bonds, derivatives, etc. In addition, the value of investment trust property may be sharply changed due to the issue of investment subject, the business environment of the issuing company, financial situation, and aggravation of the credit standing.

⑤ liquidity risk: In the event of investing in any item whose trading volume is not abundant from the investment trust property in consideration of the scale of the securities market, etc., there may be restrictions on redemption due to the liquidity shortage of the item subject to investment, which may cause decline in the value of the investment trust property. Generally, over-the-counter derivatives have to engage in direct transactions with the issuing company, unlike other securities or exchange-traded derivatives, so liquidity is low. Therefore, if it is intended to sell over-the-counter derivatives prior to maturity due to the occurrence of redemption amount corresponding to the beneficiary's redemption, etc., it may not be smooth to sell over-the-counter derivatives prior to maturity, and there may be a possibility of a price loss due to the middle sale.

(3) As to the Fund No. 1 of this case, the Defendant Asset Management Company prepared a summary statement of the product of a portion in Category A4, and this point emphasizes the phrase “the fixed interest rate shall be paid every six years every quarter,” and the phrase “A3 of Edice, a global credit rating company,” which is the same credit rating (grade as the national credit rating of the Republic of Korea), which evaluated that the possibility of redemption of principal would be safe at the level of national bonds. As the main contents of the OTC derivatives of this case, the 5-year interest rate of national treasury bonds with the maturity of 1.2% per annum on the date of creation of an investment trust at every quarter “the principal contents of OTC derivatives of this case, which are indicated the requirements for determination of event and the conditions for occurrence of principal loss, and at the bottom of the Fund, read the investment prospectus on the subject, method and remuneration of investment before determining the subscription to the Fund. This product is safe custody, managed, and may incur profits or losses according to the performance of operation,” and includes the phrase “the profits or losses to investors.”

In addition, the Defendant Asset Management Company prepared a summary of the product of Chapter 2 of the Form A4 in relation to the Fund of this case, and this included an investment in OTC derivatives 1.65% of the investment in “A3” gradeed “A3, the national credit rating of the Republic of Korea,” and included the phrase “4% additional payment at the early redemption prior to the maturity of “5 year-end government bond interest rate + 1.2%” in each quarter, and the phrase “5% additional payment at the early redemption prior to the maturity of “5 year-end government bond interest rate” in accordance with the profit structure of the Fund: 6.2%; 6.65% of the investment principal at early redemption + 4.65% of the investment principal at maturity + 1.65% of the investment principal + the rate of return on the market with the products at the maturity of 1.65% + the lower rate, while comparing the investment prospectus and remuneration to the investors, the product is safe in accordance with the Indirect Investment Asset Management Act.

(4) The Defendant Asset Management Company prepared a proposal for the product of 20 paper No. 1 of this case with respect to the Fund No. 1 of this case. At the first bottom of the first chapter, the phrase “this product is not guaranteed with its principal as performance-based dividends, and its profits and losses accrue to investors.” The part introducing the Fund No. 1 of this case emphasizes the phrase “an investment in over-the-counter derivatives 1 of “A3” which has been acquired with the credit rating of the country of the Republic of Korea” for every six years [five-year maturity National Treasury bond interest rate + 1.2% per annum (for example), after drawing up a comparison table with the high interest rate products at the same maturity].” However, the phrase “after emphasizing the phrase “the interest rate proposal” higher than that of bank subordinate bonds sold at the same time with the same maturity, it stated the content such as the revenue structure of over-the-counter derivatives and the credit rating of zero.”

On the other hand, Defendant Asset Management Company entered the product proposal similar to the above product proposal in respect of the Fund No. 2, and among them, the main difference is that “the principal ＋ quarterly interest ＋ quarterly interest £« interest 4% payment at maturity: principal ＋ quarterly interest payment ＋ principal ＋ interest ＋ 4% payment at maturity : principal ＋ risk loss depending on the profit structure of over-the-counter derivatives invested in the Fund. However, the global credit rating agency, as a global credit rating agency, grants “A3 category ” such as the national credit rating of the Republic of Korea, which is equivalent to the national credit rating of the Fund, the possibility of loss of principal of the Fund is deemed to have safety similar to the probability of the foreign currency bond denominated in the same credit rating.

(5) 피고 자산운용회사는 무디스로부터 “Most Innovative Product!! 우리 Power Income 파생상품 투자신탁 제1호”라는 제목의 광고지(이하 ‘광고지 원안’이라고 한다)를 만들어 2005. 10. 26.경 자산운용등록협회의 사전심의를 마쳤는데, 광고지 원안의 앞면 하단에는 “신용평가기관인 무디스(Moody's)로부터 ‘A3’등급(대한민국 국가 신용등급)을 부여받은 장외파생상품에 투자하여 국채 수준의 안정성으로 6년 동안 매 분기 고정금리 [5년 만기 국고채 금리 ＋ 1.2%(예상)]으로 수익을 추구하고 만기에 사전에 결정된 방식으로 손익을 확정하는 파생상품 간접투자신탁입니다”라는 문구가 기재되어 있고, 뒷면 중간 부분에는 ‘펀드의 수익구조’라는 제목 아래 “원금은 펀드에 투자된 장외파생상품의 수익구조에 따라 손실가능성이 있으나, 세계적인 신용평가기관인 무디스(Moody's)가 대한민국 국가 신용등급과 같은 ‘A3’등급을 부여해 원금손실 가능성은 대한민국 국채의 부도확률과 유사한 수준의 안정성을 갖고 있는 것으로 평가함”이라는 문구가 기재되어 있으며, ‘동일만기의 시중고금리 상품과의 비교’라는 제목 아래 이 사건 펀드의 연수익률(6.20%)을 시중은행 후순위채권(5.43%) 및 국민주택채권(5.10%)의 각 수익률과 비교하는 내용의 표가 그려져 있고, 뒷면 하단에는 구 간투법 제59조 에 따라 “간접투자상품은 운용결과에 따라 이익 또는 손실이 발생될 수 있으며, 그 결과는 투자자에게 귀속됩니다. 가입하시기 전에 투자대상, 환매방법, 보수 등에 관하여 투자설명서를 반드시 읽어보시기 바랍니다. 펀드 수익은 상황에 따라(주가지수연계증권, 장외파생상품 발행사의 파산 등) 원금손실이 발생할 수도 있습니다. 본 상품은 운용실적과 환율변동에 따라 이익 또는 손실이 발생할 수 있으며 그 결과는 투자자에게 귀속됩니다”라는 내용의 경고문언이 기재되어 있다.

Defendant Asset Management Company reduced the size of the text of the warning words at the lower end of the original advertising site from 7 points to 6 points. Under the front title, Defendant Asset Management Company added the phrase “(A3) of the Republic of Korea’s national credit rating” to the word “1.2% + interest rate of national treasury bonds + payment at a quarterly fixed rate every six years,” and the design that emphasizes “A3” as the credit rating of the Republic of Korea’s country”. Other contents were re-established as to the advertisement words identical to the original advertising site (hereinafter “instant advertising site”), and distributed the instant advertising site via Defendant Bank, etc. to investors.

(6) On the other hand, the Defendant Asset Management Company provided Defendant Bank with the documents referred to in the title “Korea Pow Income Fund STA” as reference materials for the invitation of investors, and the main contents are as follows.

- our Poer Income Fund STA (the Fund No. 1 of this case) -

Q1. The characteristic of the instant fund?

(1) The national credit rating of the Republic of Korea (U.S. A3) is as follows: (2) is as follows: (3) is a new derivatives fund of a new concept which is definitely paid every quarter for five years (based on the rate of interest on five-year government bonds) +1.2%).

Q3. A principal shall be preserved, but need to be preserved?

In the case of bonds issued by the issuing company, as in the event of default, principal loss would occur, as in the case of bonds, and as in the case of bonds invested in the fund, the fund of this case may incur losses. However, as in the case of bonds issued by the global credit rating agency, it may be deemed that the fund of this case has a very high safety of this fund at a level similar to the probability of the principal loss of the funds of the Republic of Korea, at a level similar to the probability of default on the national bonds of the Republic of Korea. Generally, the fund of this case is the structure that pursues to preserve the principal by incorporating most of the funds preserved in the city into the bonds of bank bonds, and the fund of this case is more safe than the credit rating of the commercial bank bonds of this case with a higher credit rating than that of the bank bonds of this case (no partial credit rating Ba1 to Ba2).

Q6. Pketing Poke of funds briefly wumpha wumpha

The point of points of this Fund is that the interest rate higher than that of the State bonds is fixed and paid for six years or more due to stability at the level of the State bonds.

Q9. Whether the goods are most suitable for customers?

(1) Customers who intend to operate retirement allowances or other surplus funds in a stable manner.

(2) A customer who wishes to invest in subordinated bonds but fails to make an investment due to a restriction on the scale of issuance, finds other investment alternatives, and provides guidance for such alternatives.

(3) A customer who wishes to use a “ quarterly-unit living fund” in the form of pension.

(4) The amount of large assets in order to prepare for the comprehensive taxation of financial income through the distributed payment of interest have the potential to be sold to each other.

In conclusion, I would like to operate the surplus in a stable way after six years, and it is appropriate for the branch to receive stable interest each quarter.

- our Poer Income Fund Du (the Fund No. 2 of this case - - of this case -

Q1. The characteristic of the Fund No. 2 of this case?

The Fund No. 2 is a derivatives fund that regularly pays a higher interest rate than the market interest rate (5-year interest rate on government bonds with the maturity of 5 years + 1.2%) than the market interest rate by every quarter until the Fund is repaid. OTC derivatives to be incorporated into the Fund are the derivatives bonds of which class A3, such as the Korean national credit rating, is a global credit rating agency, and thus, the safety of the profit structure is officially recognized. The remuneration is higher than the national treasury bonds of the same class, and the risk is higher than the national treasury bonds of the same class.

The maturity of the Fund is basically 6 years, but it may be early repayment at the short of 3 years, as early as possible when consent is given by the OTC derivatives operator from the three-year period after the end of each quarter. If early repayment is made, the rate of return is higher because additional 4% of Boscopon is paid in addition to the quarterly interest.

Q4. Whether principal is preserved?

In the case of a general bond, as in the event the issuing company goes bankrupt, the Fund No. 2 of this case may incur a loss if it is extremely in accordance with the profit structure of the structure of the claim invested in the Fund. However, the fact that the Mody, which is a global credit rating agency, granted the Fund the “A3” grade, such as the national credit rating in the Republic of Korea, is heavier than that of the Korean government bonds, industrial bank bonds, and corporate bank bonds, which are the same credit rating as the possibility of loss of principal of the Fund, to the extent that the safety of the Fund is highly high.

Since most commercial banks' credit rates are "Ba1" level, and the credit rates of securities companies are much lower than that of the securities companies, so it can be said that the securities companies are more likely to preserve the principal more than the bank deposit than the bank deposit.

In addition, in the case of the fund No. 2 of this case, there is a possibility of early repayment at the end of every three years, and in that case, the principal is naturally payable.

Q8. Q8. Pke Point of the fund shall be briefly described.

The first point is that, when considering the Fund No. 2 as a standard for credit rating company of the first credit rating company of the world No. 1, the Fund will offer a higher interest rate than the State bond interest rate of the Republic of Korea as the safety of the state bond of the Republic of Korea. The second point is that the interest rate fixed at the time of establishment of the second point will be paid quarterlyly until the fund is repaid. The third point is that, if consent is given by an OTC derivatives operator from the lapse of three years, early redemption can be possible, and the opportunity for early redemption is given 6 years prior to the maximum maturity, and when early redemption is made, 4$0.00.0.0.

Q9. Whether the goods are most suitable for customers?

(1) Customers who intend to operate retirement allowances or other surplus funds in a stable manner.

(2) A customer who wishes to invest in subordinated bonds but fails to make an investment due to a restriction on the scale of issuance, finds other investment alternatives, and provides guidance for such alternatives.

(3) A customer who wishes to use a “ quarterly-unit living fund” in the form of pension.

4. Large amount of assets intended to prepare for the global taxation of financial income through the decentralization of interest:

In other words, it is appropriate for the branch to receive stable interest every quarter in the stable operation of the surplus funds to be used from 3 years to 6 years.

Q12. Although the Fund's revenue structure and content are strawl that is good, it is not easy to understand fact, and it is more difficult to explain to the customer. It is easy to easily explain and sell to the customer "a bond received from class A3"?

If it is possible to fully grasp risk factors with respect to structural bonds to be incorporated into a derivatives, it is necessary to have a profound knowledge to the extent that it reaches an expert level. In this respect, the fund is a fund to incorporate the very complicated and difficult structural bonds, but it has the big advantage that it is a good that can objectively explain the objective risk because it is a product that has been assessed by Edice, a credit rating company in the world, and received an officially credit rating from Edice, and it is a product that has received an officially credit rating for the risk of the fund. It is not true that it is expressed that it is invested in “D A3’s bond” as the expression in question, even if it is expressed that it is an investment in “DA3’s bond.” However, it is recommended that the following expressions are written more in detail about the risk of the Pmcom fund.

The term "the risk of loss of principal" is likely to be included in a derivatives fund according to the profit structure set at the time of maturity. Provided, That because the possibility of loss of principal is subject to A3 credit rating from Edice, a global credit rating company, the risk of loss of principal when investing in a derivatives fund is considered as the standard of credit rating company of Ddice, the risk of loss of principal is likely to be a risk similar to that of investing in foreign currency bonds issued by the Government of the Republic of Korea, a class A3 bonds, industrial bank bonds, corporate bank bonds, etc., which are the same class A3 bonds.

C. The plaintiffs' fund subscription circumstances

(1) In the case of the Fund No. 1, from November 1, 2005 to November 10, 2005, the Defendant Bank sold the Fund No. 2 from December 15, 2005 to December 27, 2005, respectively. The Plaintiffs subscribed to each of the instant funds upon the instruction of the fund sales staff of the Defendant Bank, and the details of each of the Plaintiff’s subscription to each of the instant funds are as listed below.

Plaintiff 1 on November 11, 2005, 100, Plaintiff 1, 200, Plaintiff 2, 200 on December 28, 2005, 200, 1,50, 10,000, 1,50,000, 1,000, 1,00,00, 1,00,00, 1,00,00, 1,000, 1,00, 1,00, 1,00, 1,00, 1,00, 0,00, 1,00,00, 0,00, 0,000,00,000,00,000,000,000,000,000,000,000,000,00,000,00,00,000,05,00.

(2) In addition, the Fund transaction experience of each of the instant funds by Plaintiff prior to the date of joining the Fund is as listed below.

No plaintiff 2 that there is no plaintiff 1 as of the date of termination of the new title of 10,00 in the main text and no plaintiff 3 None of the plaintiff 2 that there is no plaintiff 1 as of May 24, 2005, and there is no plaintiff 12,300,000 FF 1, May 3, 2005, and no plaintiff 10,000,000 franchil 10,000 on November 11, 2005, No 10,000 franchil 20,000 on May 3, 2005, no plaintiff 10,000,000 franchil 20,000 on November 10, 2005, 7, 000 franc 20,000 franc 2,005 franc 26,205.36,208

(3) In joining each of the instant funds, the Plaintiffs prepared an application for new subscription and subscription of each of the instant investment trust products, signed or sealed an investment prospectus issuance and major explanation confirmation, customer counseling letter, and sent it to the Defendant bank. The customer counseling letter states that “this product explained that it is a performance-based dividend product,” and “to sufficiently explain the profit structure of the product.” The Plaintiffs indicated “0” in each confirmation column, and the employees in charge of the instant fund paid to the Plaintiffs fixed profits each quarter of six years from the derivatives invested in the over-the-counter derivatives. A3 rating is given to the global credit rating company, and thus, the possibility of principal redemption is assessed to the level of national bonds.”

D. The management progress of each of the funds of this case and the plaintiffs' heavy redemption

(1) Although the rate of return from November 11, 2005 to February 10, 2006, immediately after the creation of the Fund No. 1, however, the rate of return from February 11, 2006 to May 10, 2006, as the rate of return from February 11, 2006 to May 10, 2006 -1.5%, the rate of return from January 4, 2008, resulted in a rapid decline of the rate of return from January 4, 2009 to approximately KRW 75%, and continuously recorded the rate of return from January 2008 to around June 4, 2009.

(2) On August 25, 2008, Defendant Asset Management Company sent to all the subscribers, including the Plaintiffs, a notice stating that “When the appraised amount of the instant fund falls rapidly and at the maturity of 2011, it is anticipated that the possibility of loss of principal would be high, and if the fund will be cancelled earlier at the maturity of 2011, it would incur losses to -40% or more of the principal amount. The Defendant Asset Management Company shall maintain its subscription until the maturity of the fund and shall take careful account of whether it would keep the outcome of maintaining its subscription, or whether it would have lost its redemption.”

(3) The rest of the Plaintiffs, except the one-time Saemaul Savings Depository, filed a claim for redemption of each of the funds of this case, and received each of the redemption money. Meanwhile, the Plaintiffs received quarterly fund revenues prior to the redemption of each of the funds of this case (in the case of the one-time Saemaul Savings Depository, prior to the closure of the pleadings of this case). The sum of the date on which redemption money is received and the amount of redemption received, and the amount of quarterly fund revenues by each of the Plaintiffs are as listed below.

Plaintiff 486, 293, 850, 850, 250 on October 13, 2008, Plaintiff 5, 425, 425, 405, 425, 425, 66, 641, 021 on October 17, 2008, 30, 205, 821, 210, 295, 210, 57, 57, 50, 50, 508, 210, 57, 50, 508, 508, 140, 50, 210, 15, 50, 50, 50, 50, 207, 508, 208, 308, 308, 197, 198, 208, 305, 2008

[Reasons for Recognition] Unsatisfy, Gap evidence 1 through 3, 6, 10 through 29, 39, Eul evidence 1 to 6, Eul evidence 1 to 10 (including each number), plaintiff 1's newspaper result, the purport of the whole pleadings

2. Judgment on the main claim

A. The assertion

The plaintiffs, although each of the funds of this case is highly likely to incur principal loss, explain that the defendant bank should be mistaken as if it were time deposits guaranteed principal with respect to each of the funds of this case or similar goods, and thus, they trusted the above explanation and subscribed to each of the funds of this case. Thus, the plaintiffs and the defendant bank should be cancelled by mistake, and the defendant bank is obligated to pay to the plaintiffs the amount after deducting the amount of redemption from the amount of redemption as restitution.

In regard to this, the Defendant bank asserts that ① there was no explanation by the Plaintiffs as to the goods whose principal is guaranteed as a term deposit or other goods equivalent thereto, and that if the Plaintiffs made a mistake, there was gross negligence by the Plaintiffs in making such mistake, and ② even if the Defendant bank provided an explanation that could be mistaken, the Defendant bank merely provided an intermediary service for the Defendant Asset Management Company, which is the truster, and the Plaintiffs who are the beneficiaries in the investment trust, and that the expression of intent of revocation of mistake should be against the Defendant Asset Management Company.

B. Determination

First, in light of the above facts, we examine whether the plaintiffs can cancel their respective fund purchase contracts of this case on the ground of mistake, and based on the facts acknowledged earlier, we can find the fact that any material submitted by the defendants to the plaintiff is not clearly explained that the principal of the fund of this case is guaranteed. Accordingly, there is no evidence to find otherwise that the plaintiffs erred in the fund of this case as a product whose principal is guaranteed as time deposit or time deposit due to the erroneous explanation by the defendant bank.

Even if the plaintiffs were to fall into mistake, according to the facts acknowledged earlier, the plaintiffs explained about each of the funds of this case according to the guidance of the officials in charge, and the name of each of the funds of this case is stated as "derivatives investment trust" and the statement of warning that there is possibility of each of the principal losses in the head of the Tong, the summary of the goods, and the product proposal that the plaintiffs received. Thus, there is gross negligence on the plaintiffs who caused such mistake.

Therefore, this part of the plaintiffs' claims are without merit to examine further.

3. Determination on the conjunctive claim

A. The assertion

The plaintiffs have the duty to protect investors as companies that entrusted or sold the fund sale (the investor protection duty). Accordingly, they have the duty to explain the risks of transaction (the duty to explain the risks of transaction), and the customer's intent and circumstances. ① The defendant bank interferes with the formation of correct awareness about the risks inevitably accompanying the transactional activity with ordinary investors who lack experience in violation of the investor protection duty, and actively solicits the transaction involving excessive risks in light of the investor's investment situation. ② The defendant asset management company entrusted the sale and entrusted the sale, and ② The defendant asset management company should provide accurate information to the plaintiffs through the defendant bank, which is the selling company, by creating advertisement paper and YA data similar to the Korean government bond, that there is no principal loss risk. Thus, the defendant bank provided false information to investors in violation of the investor protection duty, thereby causing losses to the plaintiffs due to the violation of the investor protection duty.

B. Occurrence of liability for damages

(1) Determination on Defendant Bank

Although executives and employees of a securities company actively recommended investment to customers of a securities company, in order to establish tort liability against investors in the event of loss as a result of investment, they should not require active deceptive act as to whether to guarantee profit, at least take into account the transaction details and transaction methods, customer’s investment situation (property status, age, social experience, etc.), transaction risk and the degree of explanation as to the transaction risk, etc., and then fall under the case where a general investor with lack of experience in the pertinent solicitation interferes with the proper formation of awareness about the risks inevitably accompanying the relevant solicitation, or actively recommends the transaction involving excessive risk in light of customer’s investment situation, and thus, it should be deemed as an act having illegality by neglecting customer’s duty to protect customers (see Supreme Court Decision 2000Da50312, Jan. 10, 200). This applies to the case where Defendant bank solicits investors to purchase indirect investment trust goods pursuant to the former Investment Act.

Meanwhile, Article 56(2) of the former Telecommunication Act provides that “The selling company shall provide investors with the investment prospectus when recommending them to acquire indirect investment securities, and explain its major contents,” and Article 57(1) of the same Act provides that “any officer or employee in charge of the sales business at the selling company and the selling company shall not engage in any of the following acts: 1. Guarantee of the amount of the investment principal; 4. False labelling or other acts that may cause misunderstanding with regard to the matters that may cause misunderstanding of the matters that are important.”

As to the instant case, comprehensively taking account of the foregoing facts, ① each of the instant funds is difficult to understand the general public without investment experience due to its very complicated and difficult structure, and ② an additional information copy of each OTC derivatives transaction certificate of the instant OTC derivatives in which most of the instant funds invested is stated to the effect that it is adequate for investors with knowledge and experience in financial and management issues to assess investment risks and disadvantages. ③ The employees in charge of Defendant banks also did not receive education on the structure of each of the instant funds and did not understand its nature or risks, and simply, it is hard to see that, in light of the Plaintiffs’ understanding of investment risks and risks arising from each of the instant OTC derivatives trading at a fixed rate of 5-year government bonds with fixed interest rate of 1.2%, each of the instant funds is likely to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to every quarterly paid.

Therefore, the defendant bank is liable to compensate the damages suffered by the plaintiffs due to the above illegal acts as the employer of the employee in charge.

(2) Determination on Defendant Asset Management Company

A securities investment trust is an indirect securities investment scheme for the general public, under which risks are always caused by changes in the rate of return due to the type of securities or the timing, method, etc. of trading such securities, and its risks are bound to be borne by investors in principle. However, this premise is premised on the fact that accurate information about the composition of an investment trust, subject matter of investment, importance of investment, etc., which is an important matter of risk burden, is provided and that investors’ decision on investment is made appropriately. Even in cases where a trust company does not directly take charge of sales of beneficiary certificates by entering into a trust agreement with a seller, a truster company, who is the founder and operator of an investment trust, is a party directly interested in the sale of beneficiary certificates, who has established a trust agreement and entered into a trust agreement with the trustee company in accordance with such terms and conditions after obtaining prior approval from the Financial Supervisory Commission, shall establish a trust agreement jointly with the trustee company, and shall prepare an investment prospectus and provide the distribution company with the investment prospectus when recommending investors to acquire indirect investment securities (see Article 56(1) and (2) of the former Investment Trust Act).

(3) According to the above legal principles, each of the instant OTC derivatives incorporated into most of the instant OTC derivatives investment funds is indicated as “non-protection of principal” from the U.S.’s name to the effect that each of the instant OTC derivatives’s investment risk is less likely to cause losses to investors, even if it is indicated on the grounds that each of the instant OTC derivatives’s investment risks was not indicated on the quarterly basis, and that each of the instant OTC derivatives’s investment risk is less likely to have been indicated on the basis that each of the instant OTC derivatives’s investment risk and investment risk would not have been indicated on the basis that each of the instant OTC derivatives’s investment risk would not have been determined for each of the instant financial instruments, and that each of the instant funds’ investment risk would not have been determined for each of the instant financial investment risks and management risks. However, even if each of the instant funds’ investment risks was indicated on the basis that each of the instant financial investment schemes’ investment risks were relatively less likely to have been indicated on the basis that each of the instant funds’ investment risk and investment risk would not have been known.

(3) Sub-decisions

Therefore, the Defendants are liable for damages suffered by each of the Plaintiffs due to joint tort in violation of the duty to protect investors.

C. Scope of damages

(1) Damages

The Plaintiffs asserted that, if they were not illegal acts by the Defendants, they invested in financial instruments that guarantee the interest rate equivalent to government bonds or government bonds presented by the Defendants, the damages suffered by the Plaintiffs are the amount calculated by deducting the refund for early termination and the fund income received by the Plaintiffs from the amount calculated by adding 5.49% per annum, which is the interest rate of government bonds at the time of purchase.

However, there is no evidence to prove that the plaintiffs would have subscribed to government bonds or similar goods if they had given full explanation of the funds of this case.

Therefore, the damages suffered by the Plaintiffs are the remainder after deducting the Plaintiffs’ early refund money received from the principal of each of the funds of this case and the quarterly final settlement revenue (However, in the case of Plaintiff Dai-dong Saemaul Fund, which did not repurchase the fund by the closing date of the pleadings of this case, the amount of the fund assessed on June 4, 2009, which was close to the closing date of the pleadings of this case, instead of the amount of redemption receipt, shall be deemed as the basis for the damage).

Plaintiff 1,50,00,000 486,293,80,000 486,293,850,850,000,233,813,250,779,892,900 240,000,500,48,476,441,02128,078,90325,00,300,300,425,425, 608,349,340,340,340,40,300,300,80,80,80,349, 200,80,80,821, 210,587, 509, 240,408,410,40,508,408,400,639,09,09,07,09,08,

(2) Limitation of liability

Meanwhile, as seen above, under the principle of self-responsibility, the plaintiffs should make an investment after carefully ascertaining the concept of an investment trust or the content of trust products, profit structure, and investment risk, etc. under the principle of self-responsibility, and then making an investment. It also states that there may be losses to the investment principal in terms of confirming the application for transaction at the time of joining the fund, and that even if the terms and conditions and investment prospectus were to be fully read, they did not confirm the contents thereof. The plaintiffs acquired considerable fund revenues before early termination of each of the investment funds of this case. The fundamental reasons for losses incurred to the plaintiffs are the global financial crisis that occurred due to the failure in the U.S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. M. 2, 3, and 8 were to be considered as 50% of the total investment amount before joining the fund of this case, and the Defendants’ fault ratio should be limited to 70% of the investment amount of each of the investment funds of this case, which is relatively less than 500% of the investment amount.

In this regard, the defendant bank asserts that since the quarterly final settlement revenue received by the plaintiffs is subject to the deduction of profits and losses, the defendant bank shall set off the amount calculated by deducting the termination refund from the principal of each of the funds of this case, which is the amount of damages suffered by the plaintiffs, and then deducted the quarterly final settlement revenue as the deduction of profits and losses.

In addition, in order to allow the deduction for losses due to illegal acts, there should be a proximate causal relationship between the victim's new benefits due to illegal acts, which are the cause of liability for damages, and such benefits and illegal acts (see Supreme Court Decision 2002Da33502, Oct. 11, 2002, etc.). The quarterly final revenue of each of the funds of this case was naturally planned at the time of the subscription of each of the funds of this case, and it cannot be deemed that the plaintiffs newly received benefits other than the plaintiffs subscribed to each of the funds of this case due to the illegal acts of the defendants. Thus, the claim of the defendant bank is without merit.

(3) Sub-decisions

Therefore, the defendants are obligated to pay to each of the plaintiffs the following amount of money as stated in the "Recognition Amount" and to pay damages for delay calculated at a rate of 20% per annum under the Civil Act from November 11, 2005 to December 28, 2005, each of which is the date of joining each fund ( plaintiffs 1, 4, 6, 7, 8: November 11, 2005, respectively, plaintiffs 2, 3, and tin Han-dong Saemaul Cooperative: December 28, 2005) to the defendants as to the existence and scope of their performance obligations until August 14, 2009, and 5% per annum under the Civil Act and 20% per annum under the Act on Special Cases Concerning the Promotion, etc. of Legal Proceedings from the next day to the date of full payment.

Plaintiff 15,97,892,900 20% 15,978,580,580 28,788,903 40% 11,231,231,561, 317,549,340% 7,019,736 Plaintiffs 453,591,240% 16,077,372 69,989,500 15% 10,498,425, 622,402,230%, 62,720%, 6,720%, 720, 769, 326, 326, 505, 281, 868, 3684, 986, 3684, 986, 3688, 968, 1684, 968

4. Conclusion

Therefore, the plaintiff's main claim is dismissed as it is without merit, and the conjunctive claim is justified within the above scope of recognition, and the remainder of the conjunctive claim is dismissed as it is without merit. It is so decided as per Disposition.

[Attachment]

Judge Choi Jong-so (Presiding Judge)

Note 1) Shepher: It was derived from the French language meaning “part” of the securities, bonds, etc. that mean “part of the securities, bonds, etc. that are divided.”

Note 2) Retroactive claim: junior claim