A Seoul Central District Court has brushed off FIFTY FIFTY’s quiz for an injunction to stoop their outlandish contract with ATTRAKT. Right here’s the newest.
The dispute began in July 2023 when Warner Song Korea supposedly made an offer to aquire the girl group by technique of its manufacturing company The Givers, without notifying ATTRAKT CEO Jeon Hong-jun. Attrakt says The Givers is making an strive to take contributors of the band away.
“Warner Song Korea wished to chat to ATTRAKT CEO Jeon Hong-jun just a few ‘designate deal,’ which modified into as soon as passed alongside and the 2 parties were in an enviornment to focus on with one but every other,” The Givers acknowledged in a assertion in July 2023. ATTRAKT released a recording of a cell phone conversation between itself and Warner Song offering to aquire The Givers for $15.2 million—as lengthy as Jeon wasn’t instructed.
“Jeon, who hoped to list ATTRAKT on the inventory alternate, declined the offer from Warner Song Korea, and had equipped an invest payment kind out WMK,” The Givers assertion continues. “ATTRAKT claims that [The Givers] plotted a scheme gradual its help to promote [FIFTY FIFTY], nonetheless right here’s far from the truth.” The Givers ended its contract with Attack on Might maybe well furthermore merely 31.
The four group contributors filed a provisional injunction against ATTRAKT, claiming their recognition modified into as soon as damaged. A authentic representative claimed varied components with ATTRAKT including non-transparent settlements and “unilateral makes an strive to position in force contracts no matter health circumstances.”
A mediation modified into as soon as arbitrated by the civil division of the Seoul Central District Court on August 9. Nonetheless, the parties consuming about that arbitration did now not reach an settlement. After failing to reach an settlement, legislation company Barun—representing FIFTY FIFTY—submitted an utility expressing hope for a formal trial. Nonetheless, the court brushed off that chance.
“There is awfully just a few evidence of tampering,” ATTRAKT CEO Jeon Hong-jun acknowledged concerning the court’s chance. “In due course, we thought to focal level on legal complaints against The Givers CEO Ahn Seong II and Director Baek.”