Actor Lee Jung-jae and Jung Woo-sung's Artist Company has won a legal battle against the former representative of Artist Studio (formerly Raemong Raein).
On the 6th, Artist Company's legal representative, Lin Law Firm, officially announced, "The Seoul Central District Court acknowledged the contract breach by former representative Kim in its ruling on the 5th and ordered payment of approximately 5 billion won in penalties and damages."
The court determined that Kim's refusal to transfer management rights was a clear breach of the investment contract. Previously, Artist Company signed an investment contract worth approximately 29 billion won with former representative Kim and Raemong Raein in early 2024, completing the investment on the condition of transferring management rights. However, as Kim refused to transfer management rights against the contract, tensions escalated between the two sides. Subsequently, Artist Company continued its legal battle and filed a damages lawsuit.
Artist Company stated immediately after the ruling, "This result has legally confirmed the company's stability and the protection of shareholder interests," and added, "We will do our best to prevent unnecessary confusion from unfounded controversies in the future."
Lin Law Firm, which handled the case, indicated that the ruling is "a clear acknowledgment by the court of the penalty clause and liability for damages against the unilateral refusal of the agreed-upon transfer of management rights," calling it "an important milestone in enhancing the transparency and stability of future investment contracts and management right transactions." Attorney Do Hyun-soo (partner at Lin Law Firm) noted, "There is great significance in confirming the rightful claims of the plaintiffs," and emphasized, "We will continue to do our best to protect the rights of investors."
Meanwhile, Artist Company is a comprehensive management company co-founded by actors Lee Jung-jae and Jung Woo-sung. Currently, Lee Jung-jae is preparing for tvN's new drama "Jealous Love," while Jung Woo-sung is working on the Disney+ original series "Made in Korea."
[Photo] Captured
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