Open Decision Ledger · Capital markets & finance
Measuring a bond buyer's tort loss at the date of purchase
Supreme Court, Aug. 14, 2025, 2023Da294180 (judgment)
Case name: 손해배상(기)[사채 투자자들이 회사의 분식회계 등에 따른 손해배상을 청구한 사건]
Official text on the National Law Information Center
Question
Where a bond purchaser sues in tort for damages caused by false entries in a securities registration statement, business reports and audit reports, how must the loss be measured and from which point in time, may money recovered afterwards be set off, and how far is the trial court free to choose between conflicting appraisal reports?
Holding
The loss is the purchase price minus the price the bonds would have fetched had the false entries not been made, in principle measured at the date of purchase. Money recovered afterwards through a sale of the bonds, a conversion under the bondholder resolution, interest or the like, except in cases such as an actual sale above the normal price, in principle neither affects the loss nor may be deducted as a new gain, since a set-off requires a new gain adequately caused by the wrongful act and corresponding to the loss to be made good. An appraisal report must be respected unless its method is contrary to experience or irrational, and where several reports differ, the choice belongs in principle to the trial court.
Summary of the holding, verbatim
그 손해액은 사채권의 매입대금에서 사채권의 실제가치, 즉 증권신고서 등의 중요사항에 관한 부실 기재가 없었더라면 형성되었을 사채권의 가액을 공제한 금액으로서 원칙적으로 불법행위 시인 사채권의 매입 시를 기준으로 산정하여야 한다.
Unofficial English translation
The amount of such loss is the amount obtained by deducting from the purchase price of the corporate bonds the actual value of the corporate bonds, i.e., the value of the corporate bonds that would have been formed had there been no false statement in material matters of the securities registration statement, etc., and must in principle be calculated based on the time of purchase of the corporate bonds, i.e., the time of the tort.
Disposition
Dismissed Stated in the decision
상고를 모두 기각한다. 상고비용 중 원고의 상고로 인한 부분은 원고가, 피고들의 상고로 인한 부분은 피고들이 각 부담한다.
Unofficial English translation
All appeals are dismissed. As for the costs of appeal, the plaintiff shall bear the portion attributable to the plaintiff's appeal, and the defendants shall each bear the portion attributable to their appeals.
Form of the test
Elements stated Stated in the decision
또한 손해배상액 산정에서 손익상계가 허용되기 위해서는 손해배상책임의 원인이 되는 행위로 인하여 피해자가 새로운 이득을 얻었고, 그 이득과 손해배상책임의 원인행위 사이에 상당인과관계가 있어야 하며, 그 이득은 배상의무자가 배상하여야 할 손해의 범위에 대응하는 것이어야 한다.
Unofficial English translation
In addition, in order for offsetting of gains and losses to be permitted in the calculation of the amount of damages, the victim must have obtained a new gain by reason of the act that gives rise to the liability for damages, there must be adequate causation (proximate cause) between that gain and the act that is the cause of the liability for damages, and that gain must correspond to the scope of the damage that the person liable for compensation must compensate.
Factors
- 사채권의 매입대금에서 사채권의 실제가치, 즉 증권신고서 등의 중요사항에 관한 부실 기재가 없었더라면 형성되었을 사채권의 가액을 공제한 금액으로서
- 원칙적으로 불법행위 시인 사채권의 매입 시를 기준으로 산정하여야 한다
- 손해배상책임의 원인이 되는 행위로 인하여 피해자가 새로운 이득을 얻었고
- 그 이득과 손해배상책임의 원인행위 사이에 상당인과관계가 있어야 하며
- 그중 어느 감정결과를 채택할 것인지는 원칙적으로 사실심법원의 전권에 속한다
Unofficial English translation
• being the amount obtained by deducting from the purchase price of the corporate bonds the actual value of the corporate bonds, i.e., the value of the corporate bonds that would have been formed had there been no false statement in material matters of the securities registration statement, etc., and
• must in principle be calculated based on the time of purchase of the corporate bonds, i.e., the time of the tort
• the victim obtained a new gain by reason of the act that gives rise to the liability for damages, and
• there must be adequate causation (proximate cause) between that gain and the act that is the cause of the liability for damages, and
• which of those appraisal results to adopt belongs in principle to the exclusive authority of the court of fact-finding
Relation to precedent
Follows earlier decisions Stated in the decision
대법원 2008. 6. 26. 선고 2007다90647 판결(공2008하, 1065)
Unofficial English translation
Supreme Court Decision 2007Da90647 decided June 26, 2008 (Gong 2008 Ha, 1065)
Decisions referred to
[1] 대법원 2008. 6. 26. 선고 2007다90647 판결(공2008하, 1065), 대법원 2008. 9. 25. 선고 2006다18228 판결(공2008하, 1428), 대법원 2015. 11. 27. 선고 2013다211032 판결(공2016상, 29), 대법원 2025. 6. 12. 선고 2021다256696 판결(공2025하, 1201) / [3] 대법원 1992. 4. 10. 선고 91다44674 판결(공1992, 1543), 대법원 2007. 2. 22. 선고 2004다70420, 70437 판결, 대법원 2012. 11. 29. 선고 2010다93790 판결(공2013상, 5), 대법원 2018. 10. 12. 선고 2016다243115 판결(공2018하, 2082)
Burden of proof
Not addressed Not in the decision
Open question and revisit condition
When the bonds held by the plaintiff were converted into shares under the bondholder resolution rather than sold, what counts as the price that would have formed but for the false entries?
A later Supreme Court decision measuring such loss at a date other than the purchase date, or permitting a set-off of gains realised through conversion, would require this entry to be read again. So would an amendment to Article 393, Article 396, Article 750 or Article 763 of the Civil Act, a change in Article 202 of the Civil Procedure Act on free evaluation of evidence, or a decision revisiting the 60% and 20% limitation of the two defendants' liability.
Cross-family AI independent reading & axis check
7 of 8 axes matched GPT-6 Astra (OpenAI, codex CLI) · 2026-10-24
A reader from another model family (GPT-6 Astra), given the official text but not the primary reading, agreed on 7 of the 8 axes; the readings differed on axis 8 (open question and revisit condition).
Axis 8 (Open question and revisit condition): Primary “When the bonds held by the plaintiff were converted into shares under the bondholder resolution rather than sold, what counts as the price that would have formed but for the false entries?” vs Independent “Under what exceptional circumstances should the valuation date for bond-purchase losses differ from the purchase date?”
The primary asks what price counts when bonds were converted into shares under a bondholder resolution. The independent asks what exceptional circumstances could justify a valuation date other than the purchase date.
그 손해액은 사채권의 매입대금에서 사채권의 실제가치, 즉 증권신고서 등의 중요사항에 관한 부실 기재가 없었더라면 형성되었을 사채권의 가액을 공제한 금액으로서 원칙적으로 불법행위 시인 사채권의 매입 시를 기준으로 산정하여야 한다.Raw responses and comparison record: Protocol · Blind readings (JSONL) · Axis comparison (JSONL) · SHA-256 (JSON)
Lower-court contrast & scope of application
Lower-court reading vs. Supreme Court holding
Lower-court context: The Seoul High Court, in its judgment of 22 September 2023 (2022Na2009437), held that the bondholders' resolutions of 17 and 18 April 2017, which extended maturity, lowered the interest rate and converted part of the principal into shares, neither released the plaintiff's damages claims nor offended the principle of equal loss sharing or estoppel. It measured the loss as of the date of purchase of the bonds, refused to set off money recovered afterwards, adopted an appraisal report, and limited the company defendant's liability to 60% and the accounting firm's to 20% of the total loss.
Supreme Court standard: The Supreme Court found no error in any part. It held that the appellate reasoning on the interpretation and effect of the resolutions, the calculation of loss and loss-offset, the evidential force of the appraisal and the limitation of liability did not misstate the law or exceed the bounds of free evaluation. The plaintiff's own appeal had stated no grounds and no grounds statement was filed within the period, and all appeals were dismissed, with each side bearing the costs of its own appeal.
Distinguishing conditions
- A bondholder whose claim was in fact released or waived by such a resolution, or who is estopped or barred by the principle of equal loss sharing, since the finding rested on the interpretation and effect of the resolutions.
- A later sale of the bonds at or above the normal price, which the Court listed among the cases in which later circumstances may bear on the loss.
- An appraisal whose method is contrary to experience or irrational, since the protection given to the trial court's choice of appraisal does not extend to it.
Record verification notes
Set the purchase price of the bonds bought between 21 April 2014 and 19 March 2015 against the price that would have formed without the false entries, since the loss was measured as of the date of purchase of the bonds. Search for any sale at or above that normal price, because the Court listed such a sale among the exceptions to the rule on later circumstances, and gather what the conversion under the resolutions and the interest actually produced. Then test the appraisal relied on for a method contrary to experience or irrational, and read the resolutions with the approval decision of 21 April 2017 before relying on the finding that no claim was released.
From the official text
Points at issue
[1] 증권신고서 등의 중요사항에 관한 부실 기재로 사채권의 가치평가를 그르쳐 사채권 매입으로 인하여 손해를 입었다는 이유로 민법상 불법행위에 따른 손해배상을 구하는 경우, 손해액을 산정하는 방법과 기준 시점(=사채권 매입 시) / 손해배상액 산정에서 손익상계가 허용되기 위한 요건 [2] 국민연금공단이 갑 주식회사 및 을 회계법인의 증권신고서, 사업보고서, 감사보고서를 거짓 기재하여 제출·공시하는 불법행위 때문에 갑 회사가 발행하는 사채에 대한 가치평가를 그르쳐 그 사채를 매입함으로써 손해를 입었다며 갑 회사와 을 법인을 상대로 불법행위에 따른 손해배상을 구한 사안에서, 국민연금공단이 입은 손해액은 사채의 매수가격에서 사채의 실제가치를 공제한 금액으로서 원칙적으로 불법행위 시인 사채의 매수 시를 기준으로 산정하여야 하고, 사채 매수 이후 일부 돈을 회수하였거나 회수할 가능성이 있다는 후발적 사정은 손해액 산정에 영향을 주거나 손익상계에 의하여 공제할 성질의 것이 아니라고 본 원심의 판단을 정당하다고 한 사례 [3] 감정인의 감정결과의 증명력 / 상이한 여러 개의 감정결과 중 어느 감정결과를 채택할 것인지가 사실심법원의 전권에 속하는지 여부(원칙적 적극)
Unofficial English translation
[1] In a case where damages are claimed under tort in the Civil Act on the ground that the value of the corporate bonds was miscalculated due to false statements in material matters of the securities registration statement, etc., and thus loss was suffered by the purchase of the corporate bonds, the method and reference point (= the time of purchase of the corporate bonds) for calculating the amount of loss / the requirements for offsetting of gains and losses to be permitted in the calculation of the amount of damages [2] In a case where the National Pension Service claimed damages for tort against A Corporation and B corporation, alleging that it suffered loss by purchasing the corporate bonds issued by A Corporation, having miscalculated the value of those corporate bonds by reason of the tort of falsely stating and submitting and disclosing the securities registration statement, business report, and audit report of A Corporation and B accounting firm, where the court below held that the amount of loss suffered by the National Pension Service, being the amount obtained by deducting the actual value of the corporate bonds from the purchase price of the corporate bonds, must in principle be calculated based on the time of purchase of the corporate bonds, i.e., the time of the tort, and that the subsequent circumstances that part of the money was recovered after the purchase of the corporate bonds or that there is a possibility of recovery are not of a nature to affect the calculation of the amount of loss or to be deducted by offsetting of gains and losses, and the Supreme Court held that determination of the court below to be justifiable [3] The probative value of the appraisal results of an appraiser / whether the question of which of several different appraisal results to adopt belongs to the exclusive authority of the court of fact-finding (principle) (affirmative)
Summary of the holding
[1] 증권신고서 등의 중요사항에 관한 부실 기재로 사채권의 가치평가를 그르쳐 사채권 매입으로 인하여 손해를 입게 되었다는 이유로 민법상 불법행위에 기한 손해배상을 청구하는 경우, 그 손해액은 사채권의 매입대금에서 사채권의 실제가치, 즉 증권신고서 등의 중요사항에 관한 부실 기재가 없었더라면 형성되었을 사채권의 가액을 공제한 금액으로서 원칙적으로 불법행위 시인 사채권의 매입 시를 기준으로 산정하여야 한다. 또한 손해배상액 산정에서 손익상계가 허용되기 위해서는 손해배상책임의 원인이 되는 행위로 인하여 피해자가 새로운 이득을 얻었고, 그 이득과 손해배상책임의 원인행위 사이에 상당인과관계가 있어야 하며, 그 이득은 배상의무자가 배상하여야 할 손해의 범위에 대응하는 것이어야 한다. [2] 국민연금공단이 갑 주식회사 및 그 외부감사인인 을 회계법인의 증권신고서, 사업보고서, 감사보고서를 거짓 기재하여 제출·공시하는 불법행위 때문에 갑 회사가 발행하는 사채에 대한 가치평가를 그르쳐 그 사채를 매입함으로써 손해를 입었다며 갑 회사와 을 법인을 상대로 불법행위에 따른 손해배상을 구한 사안에서, 국민연금공단이 사채 매입으로 입은 손해액은 사채의 매수가격에서 사채의 실제가치, 즉 거짓 기재가 없었더라면 형성되었을 가격을 공제한 금액으로서 원칙적으로 불법행위 시인 사채의 매수 시를 기준으로 산정하여야 하고, 사채를 매수한 이후에 사채 매도나 출자전환 또는 이자 수령 등의 방법으로 일부 돈을 회수하였거나 회수할 가능성이 있다는 후발적 사정은 손해액 산정에 영향을 주는 사정이라고 볼 수 없고 손익상계에 의하여 손해액에서 공제할 성질의 것도 아니라고 본 원심의 판단을 정당하다고 한 사례. [3] 감정인의 감정결과는 그 감정방법 등이 경험칙에 반하거나 합리성이 없는 등의 현저한 잘못이 없는 한 이를 존중하여야 한다. 그리고 동일한 사항에 관하여 상이한 여러 개의 감정결과가 있을 때 그 감정방법 등이 경험칙에 반하거나 합리성이 없는 등의 잘못이 없는 한, 그중 어느 감정결과를 채택할 것인지는 원칙적으로 사실심법원의 전권에 속한다.
Order
상고를 모두 기각한다. 상고비용 중 원고의 상고로 인한 부분은 원고가, 피고들의 상고로 인한 부분은 피고들이 각 부담한다.
Unofficial English translation
All appeals are dismissed. As for the costs of appeal, the plaintiff shall bear the portion attributable to the plaintiff's appeal, and the defendants shall each bear the portion attributable to their appeals.
Provisions referred to
[1] 민법 제393조, 제396조, 제750조, 제763조 / [2] 민법 제393조, 제396조, 제750조, 제763조 / [3] 민사소송법 제202조
Read 2026-10-24 · Cross-read 2026-10-24. All quotes matched against the official text. The Chinese-character placeholders the court used for anonymised parties are given in their Korean readings, and parenthetical Chinese-character glosses are omitted.
Every entry is published only after all quotes have been matched character by character against the official text, and audited by an independent second reading from a different model family across all eight axes. Both agreed axes and text-grounded interpretive divergences are recorded openly. The ledger is a research record, not an assessment of the court or advice on any matter.
Back to the ledger