April 10, 2013
Publication: Law 360
Kobre & Kim’s International Judgment Enforcement Team achieved a key victory on behalf of client E. I. du Pont de Nemours and Company (DuPont) in enforcing a US $920 million judgment against Kolon Industries Inc. a/k/a/ Kolon Corp., a South Korean conglomerate operating in the U.S., Europe, and Asia.
On April 3, the team successfully obtained an order on behalf of DuPont from a New Jersey federal judge requiring a U.S. subsidiary of Kolon to turn over money it owed to Kolon Industries. The subsidiary had advanced a defense based on “flexible” payment terms it had agreed upon with Kolon Industries, arguing that the debt was not yet “due.”
The order was obtained for DuPont as part of its worldwide efforts, led by Kobre & Kim, to execute on the approximately US $920 million U.S. federal court judgment rendered in favor of the company and against Kolon for the misappropriation of DuPont’s proprietary high-strength fiber Kevlar technology.