Actors Lee Jung Jae and Jung Woo Sung have won a 5 billion KRW (approximately $3.8 million) lawsuit against former Artist Studio (RaemongRaein) CEO Kim, filed over alleged breaches of an investment agreement.
According to Artist COMPANY’s legal representatives at LIN Law Firm, the Seoul Central District Court ruled on September 5 that Kim violated the investment contract and must pay around 5 billion KRW (approximately $3.8 million) in penalties and damages to Artist COMPANY. The dispute originated earlier this year when Artist COMPANY and its affiliates invested approximately 29 billion (about $22.04 million), but Kim allegedly refused to transfer management rights as stipulated in the agreement.
Artist COMPANY stated, “This ruling legally confirms the company’s stability and protection of shareholder rights. We will continue to prevent unnecessary confusion caused by unfounded controversies.”
LIN Law Firm, which represented the company, commented, “This case serves as a clear example where the court recognized liability for unilateral refusal to transfer agreed-upon management rights. By affirming the enforceability of penalty clauses, the ruling sets an important precedent that strengthens transparency and stability in future investment contracts and management transitions.”
Attorney Do Hyun Su, who handled the case, added, “It is significant that the plaintiffs’ rightful claims were legally acknowledged. We remain committed to protecting investors’ rights in disputes involving investment agreements and corporate governance.”
Artist COMPANY, a comprehensive management company co-founded by Lee Jung Jae and Jung Woo Sung, continues to actively produce content. Lee is currently filming tvN’s new drama 'Nice to Not Meet You,' while Jung is preparing the Disney+ original series 'Made in Korea.'
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