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Former NewJeans EP Min Hee Jin Wins $18 Million Court Battle Against HYBE
The court upheld the shareholders' agreement validity and ordered Hybe to pay Min Hee-jin about 25.5 billion won in put-option payments following her dismissal as ADOR CEO.
- On Thursday, the Seoul Central District Court dismissed Hybe's lawsuit seeking to confirm termination of its shareholders' agreement with Min Hee-jin and ordered Hybe to pay 25.5 billion won.
- After Min Hee-jin, former ADOR CEO, was dismissed in August 2024, she notified Hybe three months later she would exercise a put option, amid allegations she sought to end NewJeans' contract and push for an IPO.
- The court found Min Hee-jin likely sought ADOR's independence but did not seriously breach the shareholders' agreement, while her put option would yield 75 percent of her ADOR stake.
- Following the ruling, Hybe faces immediate obligations as it was ordered to pay 1.7 billion won and 1.4 billion won to two former ADOR executives for the same contractual reasons, in addition to the 25.5 billion won in put‑option damages.
- The group's agency status is complicated by NewJeans saying it terminated its contract with ADOR over trust breakdown, but a court last October upheld the exclusive contract.
16 Articles
16 Articles
Court orders HYBE to pay $17.7 mil. to ex-CEO of Ador
A court on Thursday dismissed K-pop powerhouse Hybe's lawsuit seeking to confirm the termination of its shareholders' agreement with Min Hee-jin, the former CEO of a Hybe subsidiary named ADOR. The Seoul Central District Court also ruled that Hybe has to pay 25.5 billion won ($17.7 million) worth of put options to Min because of the validity of the shareholders' agreement. Hybe was also ordered by the court to pay 1.7 billion won and 1.4 billion…
(Seoul = Yonhap News) Reporters Kim Bit-na and Lee Seung-yeon = Hive has issued a put option (stock purchase right) worth 25.5 billion won to former Adore CEO Min Hee-jin (current OK Records CEO)...
Former ADOR Ceo Min Hee Jin Triumphs In Court Battle Against HYBE. Here's How Much The Company Must Pay Her!
Also Read: Former NewJeans Member Danielle Addresses Bunnies In Emotional Note After Contract Termination! Also Read: Here’s What Former NewJeans Member Danielle Revealed In Her First Solo Live After Contract Termination! The post Former ADOR Ceo Min Hee Jin Triumphs In Court Battle Against HYBE. Here’s How Much The Company Must Pay Her! appeared first on Hauterrfly.
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