Court Rules In Favor Of Min Hee Jin Regarding Put Option + Hybe To Appeal Case

The tribunal has ruled successful favour of erstwhile ADOR CEO Min Hee Jin complete HYBE regarding nan put action (stock acquisition declare right) worthy astir 25.5 cardinal won (approximately $17.7 million).

On nan greeting of February 12, nan Civil Agreement Division 31 of nan Seoul Central District Court (Presiding Judge Nam In Soo) ruled that Min Hee Jin should person astir 25.5 cardinal won from HYBE successful nan first proceedings of HYBE’s suit seeking confirmation of termination of nan shareholders’ statement against Min Hee Jin and Min Hee Jin’s counterclaim seeking costs for banal acquisition proceeds against HYBE.

The tribunal stated, “The cardinal rumor successful this lawsuit is identical to that of nan preceding case. However, successful this case, nan plaintiff’s workout of nan alleged banal waste declare correct (put option) remains a abstracted matter.” It continued, “Exercising nan put action has nan effect of terminating nan shareholders’ agreement. Therefore, termination is only imaginable if location has been a superior breach important capable to warrant it. Accordingly, we do not judge HYBE’s claims arising from nan workout of nan banal waste declare right,” efficaciously recognizing Min Hee Jin’s workout of nan put action arsenic valid.

In summation to nan determination regarding Min Hee Jin, nan tribunal besides ruled that HYBE must salary 1.7 cardinal won (approximately $1.18 million) and 1.4 cardinal won (approximately $970,000) respectively to erstwhile ADOR Vice President “A” and erstwhile ADOR Creative Director “B.”

Regarding nan cardinal rumor of whether location had been a superior breach capable to warrant termination of nan shareholders’ agreement, nan tribunal wished that it “cannot beryllium regarded arsenic grounds for termination.” HYBE had based on that Min Hee Jin attempted to “take NewJeans away,” causing important harm to nan institution and that it had already notified her of statement termination successful July 2024, thereby extinguishing her put action authorities arsenic well. However, Min Hee Jin countered that nan shareholders’ statement was still valid astatine nan clip she exercised nan put option.

The tribunal mostly accepted Min Hee Jin’s arguments while rejecting astir of HYBE’s claims. While nan tribunal acknowledged that Min Hee Jin had explored nan anticipation of ADOR’s independence, it wished that specified actions did not represent a superior breach of duty. Regarding nan declare that ILLIT plagiarized NewJeans, nan tribunal noted that HYBE had successful truth provided NewJeans-related materials to BELIFT LAB and that nan assertion of similarity was not a connection of truth but alternatively an sentiment aliases worth judgment.

Following nan court’s decision, HYBE shared its intent to appeal, stating, “We regret that our arguments were not sufficiently accepted,” adding, “After reviewing nan written judgment, we scheme to proceed pinch further ineligible steps, including an appeal.”

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