Overview
- Seoul Central District Court dismissed HYBE’s bid to validate its 2024 termination of the shareholders’ agreement and upheld Min Hee-jin’s exercised put option.
- HYBE must pay Min ₩25.5 billion and cover legal costs, with an additional ₩1.7 billion and ₩1.4 billion awarded to two former ADOR executives who held similar rights.
- The court said Min’s exploration of ADOR’s independence and contacts with investors did not meet the high threshold for a contract-voiding ‘serious breach.’
- In addressing creative-dispute claims, the court characterized the ILLIT–NewJeans similarity allegation as opinion and noted HYBE had provided NewJeans-related materials to Belift Lab.
- HYBE said it regrets the ruling and will appeal, while multiple related lawsuits among Min, HYBE, ADOR and HYBE subsidiaries continue and may be influenced by the court’s reasoning.