In a major legal development shaking the K-pop industry, a Seoul court has ruled in favor of former ADOR CEO Min Hee Jin in her high-profile put option dispute with HYBE.
On February 12, the Civil Division 31 of the Seoul Central District Court dismissed HYBE’s lawsuit seeking confirmation of contract termination and instead ordered the company to pay Min approximately ₩25.5 billion (around $19 million USD).
The case centers on a put option clause in Min’s shareholder agreement, which allows her to sell her ADOR shares back to HYBE under certain conditions.
HYBE had argued that it notified Min of contract termination in July 2024, claiming she had caused damage to the company by allegedly attempting to “tamper” with NewJeans’ management. According to HYBE, this termination invalidated her right to exercise the put option.
However, the court rejected HYBE’s argument, ruling that Min’s exercise of the put option was valid and legally enforceable. The panel stated that termination of a shareholder agreement requires proof of a serious breach of trust that constitutes a grave contractual violation.
The court found that HYBE failed to sufficiently prove such a violation.
As a result, HYBE’s lawsuit was dismissed, and the company was ordered to pay Min ₩25.5 billion. All legal costs are to be borne by HYBE. Min did not attend the ruling session.
Under the shareholder agreement, Min could exercise her put option based on 13 times ADOR’s average operating profit over the previous two years.
The relevant calculation period (2022–2023) showed:
- 2022: ₩4 billion operating loss
- 2023: ₩33.5 billion operating profit
As of November 2024, Min held 573,160 ADOR shares, equivalent to an 18% stake. Based on this formula, the payout amounted to roughly ₩26 billion, with the court confirming a payment obligation of approximately ₩25.5 billion.
The dispute stems from escalating tensions between HYBE and Min Hee Jin beginning in April 2024. The conflict included allegations of management takeover attempts and claims of discrimination against NewJeans , ADOR’s flagship girl group.
Both sides filed lawsuits in August and November 2024, which were jointly reviewed for procedural efficiency.
Min maintained that the shareholder agreement remained valid at the time she exercised the put option. She further argued that HYBE did not possess unilateral termination rights under the contract.
The court appeared to side with this interpretation.
In parallel, ADOR has filed a separate damages lawsuit seeking approximately ₩43.09 billion related to NewJeans’ alleged departure and delayed return activities. That case remains under review by the same court.
This latest ruling marks a significant victory for Min Hee Jin amid one of the most closely watched corporate disputes in K-pop history. With ₩25.5 billion now legally owed, attention will turn to whether HYBE pursues an appeal and how the ongoing legal battles will reshape the future of ADOR and NewJeans .
Sources: Seoul Central District Court
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