Hyundai Securities Co. v. Ik Chi Lee

INTRODUCTION

We hold that a proceeding under California’s Uniform Foreign-Country Money Judgments Recognition Act (Code Civ. Proc., §§ 1713-1724 (the Act)), is an action and subject to the requirements applicable to all actions. Because the trial court in this case recognized the foreign-country money judgment upon a petition rather than upon a duly noticed motion for summary judgment, judgment on the pleadings, or trial, we reverse the judgment.

BACKGROUND

Defendant and appellant Ik Chi Lee (Lee) was the chief executive officer of Hyundai Securities Co., Ltd. (Hyundai), between the years 1996 and 2000. Several individuals who were shareholders of Hyundai brought a shareholders’ derivative action in the Seoul Southern District Court against Lee, as an officer of Hyundai, for, among other things, securities fraud by Lee during his term as chief executive officer of Hyundai (the Korean Action). Lee appeared and defended the Korean Action.

In the Korean Action, the Seoul Southern District Court entered against Lee and in favor of Hyundai a judgment (Korean Judgment) in the principal amount, which, when converted to United States dollars as of the time of entry of…