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Woori Financial, KEB Hana Bank face lawsuit over alleged misselling of funds

Woori Financial Group Inc. and KEB Hana Bank face a potential lawsuit for their alleged misselling of high-risk derivative products, The Korea Times reported Sept. 17.

A group of up to five investors claim that sales representatives from both banks failed to clarify the investment risks of derivative-linked funds. The products are tied to price fluctuations of underlying assets such as interest rates and government bond yields, and are considered to be high-risk investments.

The investors expect to incur billions of won in losses due to their investments, according to the report. The Financial Consumer Agency, a consumer rights group, and law firm Logos are preparing the case.