Min Hee-jin wins the put option lawsuit... What is the outcome of the '43 billion won damages lawsuit' with Daniel?
Former Adore CEO Min Hee-jin won her lawsuit against HYBE regarding stock sale rights, significantly impacting ongoing legal conflicts with the company.
Min Hee-jin, the former CEO of Adore, has emerged victorious in her lawsuit against HYBE concerning put options (stock sale rights). The Seoul Central District Court ruled in her favor, determining that HYBE must pay her 25.5 billion won and compensate other former executives. The court dismissed HYBE's claims regarding contract breaches related to management takeover and other allegations. This ruling not only grants significant monetary relief but also undermines the legitimacy of HYBE's attempts to terminate contracts with Min, signaling important implications for other ongoing litigations involving her and the company.
The court's decision implies that Min's attempts to explore the independence of Adore were legitimate and did not constitute a serious breach of the contractual agreements in question. The judges noted that any actions taken by Min were in discussion with HYBE's consent and thus deemed not to have exceeded the bounds of acceptable conduct. The ruling also aligns with prior police investigations that refrained from charging Min for alleged managerial misconduct, suggesting that the court's judgment reflects a comprehensive understanding of the contractual dynamics at play.
Moreover, the court rejected accusations from HYBE regarding allegations of poaching their talent, asserting that Min's comments indicated her strategic considerations rather than direct competitive actions. The dismissal of accusations regarding 'plagiarism' claims against New Jeans, as well as those concerning album promotion strategies, further portrays the court as acknowledging the complexity of executive decision-making. Consequently, the ruling represents a substantial setback for HYBE, potentially influencing its corporate strategy moving forward and opening avenues of legal and operational repercussions.