EXO’s Baekhyun, Chen And Xiumin To Countersue SM For Payment Settlement Fees + Apologize To Fans In New Statement

Published Categorized as Kpop

EXO‘s Chen, Baekhyun, and Xiumin (collectively known as CBX) have decided to file a countersuit for payment of settlement fees against SM Entertainment in response to SM’s claim for the fulfillment of the contract. The dispute between the two sides has escalated into a legal battle.

On the 14th of June, CBX released a statement saying, “We actively proposed an agreement to pay fees for the use of SM’s assets and royalties for the use of our names, instead of 10% of sales, during the press conference, but SM disregarded it.” They also stated, “Since SM was the one who originally filed a lawsuit, we will publicly disclose everything including last year’s negotiation process and actively respond.”

CBX also issued an apology to fans regarding whats currently happening. Read their full statement below!

SEE ALSO: The Timeline Of EXO-CBX and SM Entertainment Legal Battle

EXO’s Chen, a statement regarding the lawsuit filed by SM and a message to the fans

Chen would like to clarify our position on the lawsuit filed by SM and our legal response.

1. SM’s response was a lawsuit.

On December 12th, SM sued us.

During the press conference on December 10th, we pointed out the unfairness of SM’s demand for us to pay 10% of our sales revenue while not honoring their promise to pay a 5.5% distribution fee.

We also asked SM to clarify their position on our concerns. Additionally, during the press conference, we actively proposed an agreement to pay royalties for SM’s assets, such as music, and the use of their name, instead of the 10% sales revenue. However, SM ignored our proposal.

In the end, SM responded by immediately resorting to a legal response, pulling out a fearsome sword.

2. We will do our best.

Just as SM filed the lawsuit first, we will disclose and actively respond to everything, including last year’s negotiation process.

Furthermore, regarding the settlements that have always been in question for us, we will file a lawsuit against SM to demand settlement payments. Through this legal process, we will assert our rightful rights by obtaining accounting data and settlement data established by the law and the exclusive contract. It will also be revealed in court that SM’s settlement system is not correct.

In addition, we will seek a fair judgment of the law through a complaint to the Fair Trade Commission regarding the unfairness of the exclusive contract.

3. A message to our fans

To our fans, who always send us love and support, and should only receive happiness, we sincerely apologize for causing anxiety and disappointment with the same issues as last year.

We will minimize further statements and make efforts to resolve this situation quickly.

Also, we promise that we, Chen, Baekhyun, and Xiumin, will remain together as the precious memories we shared with all of you.

Thank you for taking the time to read this long statement. We apologize for causing any unnecessary emotions once again.

Previously, SM filed a lawsuit against CBX for the fulfillment of the contract at the Seoul Eastern District Court.

Source: A, B

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