Three U.S. investment firms have added their names to an arbitration effort against the government of South Korea, joining an existing legal action led by Greenoaks and Altimeter that accuses Seoul of singling out U.S. companies following a significant consumer data incident.
Abrams Capital, Durable Capital Partners and Foxhaven have each submitted notices adopting the earlier suit, the investors said in a statement published on Wednesday. By doing so they notified South Korea of their intent to pursue arbitration under the same claims already filed by the two founding investors.
The arbitration demand centers on allegations that South Korea has waged a campaign against Coupang in the aftermath of a consumer data breach that the investors say has wiped out billions of dollars in value for shareholders. Coupang disclosed in November that personal data for about 33 million customers in South Korea were exposed, a breach that prompted wide public and legislative backlash, multiple lawsuits and international disputes.
In addition to filing notices to arbitrate, the new investors have sent letters supporting efforts to urge the U.S. government to investigate South Korea's conduct. "Over the past several weeks, it has become clear that both U.S. policymakers and U.S. investors recognize the importance of standing up for American companies in the face of discrimination by foreign countries," said Neil Mehta, founder and managing Partner of Greenoaks.
Coupang, launched in 2010 by Korean-American Bom Kim, has grown to become South Korea's leading e-commerce platform. The company has displaced longstanding family-owned retailers like Shinsegae in the online market and has broadened its services into food delivery, streaming and fintech offerings.
Responding to the additional notices of intent to arbitrate, South Korea's Justice Ministry said the government "will make every effort to respond in a systematic and professional manner to the additional notices of intent to arbitrate filed by Foxhaven and others, led by the International Investment Dispute Response Team."
The fallout from the data incident has also been referenced in broader bilateral tensions between Washington and Seoul. The report noted that the breach contributed to friction that led U.S. President Donald Trump to threaten increasing tariffs on South Korea to 25 percent. Separately, the U.S. House Judiciary Committee recently issued a subpoena to Coupang as part of its probe into claims of discrimination against U.S. firms.
The latest investor actions add another layer to an already complex dispute that combines corporate data security, investor losses, international trade tensions and governmental investigation. The new filings mirror the initial strategy by Greenoaks and Altimeter in seeking international arbitration as a remedy for what the investors describe as discriminatory treatment by South Korean authorities.
Contextual note: The article reports actions and statements as provided by the investors and the South Korean Justice Ministry. It reflects the current state of filings, public remarks and governmental responses as described in the statements referenced.