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Posted by beansss AKP STAFF 7 days ago

LOOΠΔ's label reportedly loses lawsuit against investment company, ordered to pay back ~3 million USD

AKP STAFF

According to reports on February 13, Seoul's central district court has ordered girl group's LOOΠΔ's label Block Berry Creative as well as the label's parent company Polaris Entertainment to pay back a foreign investor company known as 'Donuts' for violation of the investment contract. 

Previously, foreign company 'Donuts' filed a lawsuit against Block Berry Creative by claiming that the company invested a total of 3.5 billion KRW (~3 million USD) in the production of LOOΠΔ. However, Block Berry Creative allegedly violated the investment contract with 'Donuts' due to the fact that LOOΠΔ failed to participate in 'Donuts's related businesses. In addition, 'Donuts' claimed that Block Berry Creative failed to provide records of where the investment funds were used. Regarding this matter, Seoul's central district court has allegedly favored 'Donuts's arguments, ordering Block Berry Creative to pay the investment funds back in full. 

Furthermore, media reports stated that 'Donuts' plans on claiming the rights to LOOΠΔ's future activities in order to prevent Block Berry Creative from transferring the girl group to a different company. Previously, Block Berry Creative as well as parent company Polaris Entertainment was ordered to pay 'Donuts' back an investment deposit amount of 360 million KRW (~ 300,000 USD) in a separate legal trial. 

The outcome of the above court decision is also expected to impact LOOΠΔ's ongoing promotional activities. 

  1. LOONA
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Roslolian195 pts 7 days ago 8
7 days ago

Yikes. I never agreed with Loona's marketing process they had a comeback for each member even if nobody knows those members yet not even JYP and BTS were that crazy for Twice and BTS. Yes the "loona verse" garnered a lot of fans overseas but local fans are what makes them money not international fans.

I always thought their CEO was super loaded and just want to throw money away but it seems like they used up investor money instead. 3M usd is a heck of a lot of money hopefully Loona doesnt sink cuz of it.

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Andrada23973,438 pts 7 days ago 1
7 days ago

Why so irresponsible, Block Berry Creative? That's a lot of money they will lose... Loona just made a successful comeback but it looks like it will be short-lived, how unfortunate for them..

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