SEOUL, South Korea (AP) -- A South Korean appeals court on Tuesday overturned a guilty verdict against U.S. private equity group Lone Star Funds, which had been accused of stock manipulation in a case that has been closely watched as a gauge of the country's treatment of foreign investors.Lone Star and the head of its Korean operation, Paul Yoo, were found guilty in February for manipulating stock prices ahead of the group acquiring a stake in Korea Exchange Bank. But Judge Ko Yue-young at the Seoul High Court overturned the verdict, citing insufficient evidence.
"It's difficult to recognize that Lone Star had the intention to spread false facts or use deceptive schemes," Ko said.
The court's ruling removed fines of $24.2 million each against Lone Star and KEB.
Read More
