A group of Korea's instant ramen makers were sued for alleged price-fixing scheme. In 2012, Korean Fair Trade Commission found the ramen makers conspired to raise ramen prices, but Korean Supreme Court overturned the decision in 2015. Regardless, the plaintiffs put forth expert reports detailing the economic impact of the alleged collusion.
Although the court expressed skepticism at the reports, it found that the report could not be excluded. Based on the report, the court certified the plaintiff class.
One of the unexpected side effects of writing this blog is that I end up getting hungry writing it. First there was the pho case, now a case about ramen noodles.
Seriously though, there is a lesson in this case: regulatory action in one country can, and often does, have consequences in a different country in the form of civil litigation or even other regulatory actions. This case is even more astonishing, because the U.S. action is based on the Korean regulatory action that was later overturned.