Woori accepts FSS measure on Lime fund reimbursement

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Woori accepts FSS measure on Lime fund reimbursement

Woori Bank said Monday it accepted the decision by a Financial Supervisory Service (FSS) committee that ordered it to pay restitutions for up to 78 percent of some investments made in Lime Asset Management funds.
 
A dispute settlement committee at the FSS has been mediating disputes between fund sellers and investors.
 
Last month, the committee set Woori Bank's basic reimbursement rate at 55 percent and told the bank to adjust rates for each investor depending on multiple factors like the level of investment experience.
 
While the committee made decisions on two exemplary cases for the bank to use as a guideline, the bank will discuss reimburse rates with other individual investors, starting from the 55 percent basic rate.
 
The FSS committee ordered the bank to reimburse 78 percent of Lime fund investments for one investor in his 80s who had no knowledge regarding the product, and 68 percent for a small company that was recommended the high-risk funds when it actually wanted safer options, in an announcement last month.
 
Woori Bank sold 270.3 billion won ($237.9 million) of frozen Lime funds it will settle based on the FSS committee's compensation guideline.
 
BY KIM JEE-HEE   [kim.jeehee@joongang.co.kr]
 
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