Coupang Investors Withdraw USTR Section 301 Petition

Major U.S. investors say maintaining a complaint focused on a single company is unnecessary as the U.S. considers a wider review of potential unfair Korean trade practices.

Published on Mar. 11, 2026

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Major U.S. investors in the South Korean e-commerce giant Coupang have withdrawn a petition filed with the Office of the United States Trade Representative requesting a Section 301 investigation into the South Korean government's treatment of the company. The investors, Greenoaks and Altimeter, said they decided to withdraw the petition after discussions with U.S. trade officials indicated Washington may pursue a broader investigation into Korea's trade practices affecting American companies.

Why it matters

The dispute stems from a large data breach at Coupang in November that exposed the personal information of about 33.7 million users. South Korean regulators launched an extensive investigation after the breach, prompting criticism from some investors who say the company has faced discriminatory and punitive treatment. The withdrawal of the petition may signal a shift toward broader U.S. government scrutiny of South Korea's digital trade policies.

The details

The investors argued that South Korea is obligated under the Korea-U.S. Free Trade Agreement to ensure digital service laws and policies do not discriminate against American companies. They also cited remarks by Prime Minister Kim Min-seok, who said authorities should restore market order "with the same resolve used to crack down on the mafia," as evidence of what they described as an adversarial campaign. South Korea's government has rejected those claims, saying the matter concerns enforcement of domestic law rather than a trade dispute and that authorities are acting according to legal procedures.

  • On November 2025, Coupang experienced a large data breach that exposed the personal information of about 33.7 million users.
  • On January 2026, the investors submitted a notice of intent to initiate arbitration, triggering a 90-day cooling-off period required before formal proceedings can begin.

The players

Greenoaks

A major U.S. investor in Coupang.

Altimeter

A major U.S. investor in Coupang.

Kim Min-seok

The Prime Minister of South Korea who said authorities should restore market order "with the same resolve used to crack down on the mafia."

Abrams Capital, Durable Capital Partners, and Foxhaven Asset Management

Several large investment firms that have joined the case, bringing the group's combined stake in Coupang to about 6.26%.

Harold Rogers

The interim CEO of Coupang Corp.

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What they’re saying

“We must restore market order with the same resolve used to crack down on the mafia.”

— Kim Min-seok, Prime Minister of South Korea

What’s next

Although the Section 301 petition has been withdrawn, the investors said they will continue pursuing investor-state dispute settlement procedures under the Korea-U.S. Free Trade Agreement. The firms submitted a notice of intent to initiate arbitration in January, triggering a 90-day cooling-off period required before formal proceedings can begin.

The takeaway

This dispute highlights the tensions between U.S. investors and the South Korean government over the treatment of American digital service companies operating in the Korean market. The withdrawal of the Section 301 petition may signal a shift toward broader U.S. scrutiny of Korea's digital trade policies, rather than a resolution of the specific issues facing Coupang.