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[Alpha Biz=(Chicago) Reporter Paul Lee] KDB Life filed a lawsuit against Meritz Securities in connection with the loss of US gas fund investment. Following Lotte Insurance, the company has started to respond in earnest, including claims for damages.
According to the insurance industry on the 1st, KDB Life Insurance filed a lawsuit against Meritz Securities Co. and Hana Alternative Investment Asset Management Co. on the same day to claim the return of unfair gains and compensation for the cancellation of the contract.
KDB Life Insurance explained, "We decided that Meritz Securities did not provide important investment information in the process of confirming the lawsuit filed on the same issue in November last year." KDB Life Insurance claims that Meritz Securities, which raised funds like Lotte Insurance, did not notify them of the possible increase in loan principal and interest and the risk of collateral structure at the time of the investment recommendation.
Earlier, KDB Life Insurance Co. and Lotte Insurance Co. invested $30 million and $50 million, respectively, in funds related to U.S. gas-fired power plants created by Meritz Securities Co. in 2018. Since then, however, U.S. companies have declared default and lost all of their money.
In response, Meritz Securities said it provided appropriate information to KDB Life Insurance and Lotte Insurance by completing on-site due diligence with investors.
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