Attorney Hanbyol Law LLC represented Plaintiff A in the appeal, claiming that Samsung Securities was liable for the creation of phantom shares due to an error in its dividend distribution system in 2019 and the resulting stock price plunge. Mr. Kim tried to prove the causal relationship between the defendant's negligence and the damages based on the lack of internal control, work division, and manuals for dividend distribution, defective computer input error prevention devices, and failure to manage and respond to risks after the fact.

Based on the arguments of Hanbyol's lawyer, the court recognized the violation of internal control and risk management obligations under the Financial Governance Act and the Electronic Financial Transactions Act, partially recognized its liability as an issuer under commercial law, and ordered Samsung Securities to pay 50% of the plaintiff's damages. In addition, Hanbyol succeeded in proving that the post-accident losses were a direct result of the accident, and the plaintiff's losses at the time of disposal were recognized as direct damages.