SAN FRANCISCO -- Abrams Capital, Durable Capital Partners, and Foxhaven have joined Greenoaks and Altimeter’s (together, the “U.S. Investors”) legal challenge against the Government of the Republic of Korea (the “ROK Government”) to stop Korea’s discriminatory treatment against Coupang, Inc. (NYSE: CPNG) and other U.S. companies.

As previously announced, Greenoaks and Altimeter formally notified the ROK Government of their intent to file arbitration claims under the U.S.-Korea Free Trade Agreement (“KORUS”). They also petitioned the U.S. Trade Representative (“USTR”) to investigate the ROK Government’s conduct under Section 301 of the Trade Act of 1974. Abrams Capital, Durable Capital Partners, and Foxhaven have today formally notified the ROK Government of their intent to pursue arbitration by adopting in full the previously filed notice of intent under KORUS and have also submitted letters formally expressing their support for the previously filed USTR petition.

The U.S. Investors’ legal actions detail years of selective government enforcement, disproportionate regulatory scrutiny and false and defamatory claims targeting Coupang, a U.S.-founded and headquartered technology company, in violation of trade agreements and unlike anything faced by local and Chinese competitors operating in Korea. This treatment has resulted in billions of dollars of lost market capitalization borne by U.S. shareholders and threatens to cause additional losses if not remedied.

In addition to the U.S. Investors’ legal actions, the ROK Government’s conduct has triggered U.S. congressional hearings, warnings from senior U.S. administration and congressional leaders to Korea, threatened tariff increases if Korea fails to uphold its trade agreements, and a House Judiciary Committee investigation.

“Over the past several weeks, it has become clear that both U.S. policymakers and U.S. investors recognize the importance of standing up for American companies in the face of discrimination by foreign countries,” said Neil Mehta, Founder and Managing Partner of Greenoaks. “We are pleased to have Abrams Capital, Durable Capital Partners, and Foxhaven join us in demanding that President Lee’s administration honor its free trade commitments with the United States and end its administrative assault on Coupang without delay.”