Justice Ministry appoints law firm to advise on ISDS case filed by U.S. Coupang shareholders

According to Financial News, the government has appointed as its advisory law firm the team that recently led the Elliott ISDS annulment lawsuit to victory, to respond to an Investor–State Dispute Settlement (ISDS) case filed against the Korean government by a U.S. shareholder of Coupang.
On the 5th, the Ministry of Justice said it recently selected Peter & Kim as its domestic advisory law firm and Arnold & Porter as its foreign co-counsel.
The two firms represented the Korean government in the Elliott ISDS annulment lawsuit, in which the government prevailed, and have experience with ISDS matters. The Ministry of Justice explained that it conducted a comprehensive review, including the firms’ track records in similar cases.
On January 22, Coupang shareholders Greenoaks Capital and Altimeter Capital submitted a notice of intent to arbitrate to the Korean government, followed on February 11 by Foxhaven, Durable, and Abrams Capital Management.
A notice of intent to arbitrate is a written document in which a claimant informs the respondent state of its intention to initiate arbitration. It is not a formal request for arbitration in itself, but a claimant may file for arbitration 90 days after submitting the notice.
In their notice of intent, the shareholders argued that after the Coupang personal data leak incident on December 1, 2025, the Korean National Assembly and executive branch targeted Coupang on multiple fronts, including fact-finding investigations, various administrative measures, and threatening statements. In January, Greenoaks Capital and Altimeter Capital also asked the Office of the United States Trade Representative (USTR) to investigate the Korean government’s actions and to impose appropriate trade remedies, including tariffs and other sanctions.
They claimed that the Korean government sought to undermine Coupang’s business through a whole-of-government response that included labor, financial, and customs investigations, and argued that these investigations had little to do with the data breach itself.
A Ministry of Justice official said, "The government will continue to work closely with its advisory law firms, with the International Investment Dispute Response Team at the center, to ensure an effective and professional response to the above notices of intent to arbitrate."

hwlee@fnnews.com Lee Hwan-joo Reporter