"Let's stop this now," Min Hee-jin, HYBE and put option lawsuit second round.. September appeal trial begins

*This content was translated by AI.

The appeal trial regarding the put option payment dispute between HYBE and former Ador CEO Min Hee-jin will begin in September.

According to legal sources on the 8th, the Seoul High Court Civil Division 18-3 will hold the first argument session on September 18 for the lawsuit filed by Min Jeon (CEO) and others against HYBE seeking payment for stock transactions.

The lawsuit filed by HYBE against Min Jeon (CEO) to confirm the termination of a shareholder agreement is also scheduled for the same day. This case will be heard by Seoul High Court Civil Division 18-2.

Previously, the first-instance court ruled in favor of Min Jeon (CEO) in both cases. The first-instance court stated, "HYBE must pay Min Jeon (CEO) an amount equivalent to 25.5 billion won, former executive vice president Shin a certain amount equivalent to 1.7 billion won, and former director Kim a certain amount equivalent to 1.4 billion won."

The lawsuit filed by HYBE against Min Jeon (CEO) to confirm the termination of a shareholder agreement was dismissed. Following this, HYBE appealed the first-instance ruling and successfully requested the court to suspend enforcement related to the payment of put option payments until the appeal trial judgment is announced.

HYBE and Min Jeon (CEO) have continued their conflict over allegations of a 2024 management takeover attempt and discrimination against NewJeans. In August of that year, HYBE announced the termination of its shareholder agreement with Min Jeon (CEO), and in November, Min Jeon (CEO) notified HYBE of its intention to exercise put options on Ador shares, marking the start of legal battles.

Among these developments, Min Jeon (CEO) held a press conference at Kyowon Challenge Hall in Seoul Jongno-gu last February regarding the first-instance victory in lawsuits seeking payment for stock transactions related to the exercise of put options worth 25.5 billion won against HYBE and confirming the termination of shareholder agreements. "Instead of accepting 25.6 billion won, I propose that all ongoing civil and criminal lawsuits be immediately halted and all disputes be resolved," he said.

He added, "This proposal includes not only myself but also NewJeans members, outsourcing partners, former Ador employees, and even the termination of all complaints and reports filed against fans hurt by this conflict." He concluded with the message, "Let us meet now not in our courtrooms, but at the place of creation."

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*This content was translated by AI.