Korean workers lawsuit against IMF thrown out
News||15 April 2000|update 16|
A South Korean court has rejected a lawsuit filed by a group of labour unions against the IMF for alleged policy mistakes. The unions were suing the IMF for 480 million won ($426,000) in compensation for job losses caused by austerity measures imposed by the IMF in return for the $57 billion bailout. The unions claimed the IMF had given wrong advice - including maintaining high interest rates and corporate restructuring - which had caused businesses to fail and unemployment to rise. The judge accepted the IMF's defence that no signatory country can hold the IMF civilly or criminally liable over its policy implementation.
This text may be freely used providing the source is credited.
Published: 15 April 2000 , last edited: 8 February 2010
Viewings since posted: 4663
Climate Investment Funds Monitor 7: April 2013 25 April 2013
Working paper: The private sector and climate change adaptation: International Finance Corporation investments under the Pilot Program for Climate Resilience 24 April 2013
The UK's role in the World Bank and IMF: Department for International Development and HM Treasury 13 March 2013
The World Bank and industrial policy: Hands off or hands on? 6 December 2012
Climate Investment Funds Monitor 6: October 2012 26 October 2012