On October 9, the 13th Department of the Seoul Central District Court decided in FT Island’s favor, saying, “The defendant needs to pay forty million won to FT Island,” regarding FT Island’s suit against Dereon Cosmetics for violating their portrait rights, which was brought in February.
FT Island made a six-month contract with Derecon Cosmetics only for the domestic market in April last year. However, even after the contract was expired, the company used pictures of FT Island in some Asian countries, including Japan and Malaysia, and FT Island filed a suit for violating their portrait rights.
However, Dereon Cosmetics has been in financial trouble and eventually asked the government to help its revival.
The government will help the company revive its business by appointing a manager. As a new manager has been appointed, FT Island has to suit against a different party.
The company seems to be unable to repay debts on time because its liabilities exceed its assets or it lacks liquidity.
At this, the court ordered, “We allow eight million won to be paid to each member of FT Island and twenty percent of the total debts incurred from March 9, which needs to be paid every year, to be left as subordinate bonds.”
FT Island filed a suit against Dereon Cosmetics in February for violating their portrait rights, asking for two hundred million won to be paid for damages.
M : kenvilthomas@kpopupdates.com
