TITLE	Supreme Court Decision 2013Du16951 Decided July 24, 2014¡¼Action Petitioning for the Revocation of Correction Order and Surcharge Payment Order¡½ [full Text]
Summary
[1] In a case where competing enterprisers exchange information concerning major competitive elements such as price, the method to determine whether there exists an agreement to engage in an act unfairly restricting competition prohibited under Article 19(1) of the Monopoly Regulation and Fair Trade Act [2] In a case where the Korea Fair Trade Commission handed down a disposition ordering correction and imposing surcharges on Company A (life insurance company), on the ground that Company A had exchanged information with 15 other life insurance companies on assumed rate of interest and interest rates on public notice from 2001 to 2006, based on which they set their own interest rates, the case affirming the judgment below striking down the above disposition as illegal, on the ground that there was not enough evidence to acknowledge the existence of an agreement among the 16 life insurance companies, including Company A, to jointly determine the assumed rate of interest

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