After the exciting reveal of Keena returning to ATTRAKT and will soon receive a massive settlement from the “Cupid” revenue, 3 former members of FIFTY FIFTY decided to come forward with shocking demands. So, what happened to the Keena and the 3 former FIFTY FIFTY members after the recent ending in the controversy? Find out more in the following latest update on FIFTY FIFTY lawsuit.
FIFTY FIFTY to Receive First Payment Just A Year After Debut, Despite Lawsuit Controversy
After months of going through an overwhelming lawsuit and controversy, members of FIFTY FIFTY are supposed to receive their first payment this month generated from the revenue of the hit song, “Cupid”.
Regrettably, due to the ongoing issues and new lawsuits that the former members keep filing against ATTRAKT, only FIFTY FIFTY Keena—who recently returned to the agency—would positively receive the settlement payment.
An exclusive report from YTN stated last week that the Kpop group FIFTY FIFTY would possibly receive their first settlement this month. Several music officials revealed the positive performance of this rookie Kpop group, which would result in a massive profit at the end of the month. This indicates that for the first time since their debut, FIFTY FIFTY members can repay their debts and receive official payments.
Only Keena Will Receive MASSIVE Settlement from “Cupid” Revenue – What About the 3 Former Members?
Further in the report, YTN also elaborated that the payment FIFTY FIFTY members could receive was solely from “Cupid” revenue. Since the controversial lawsuit began shortly after their debut, FIFTY FIFTY was not able to form commercial contracts, brand partnerships, or appearance fees.
Therefore, it is notable that the rookie group was able to pay back all its debt within a year after their first music release. Even more when they managed to turn the debt into a profit solely through the music revenue.
This achievement was thanks to the popularity of their song “Cupid” and its impressive streaming performance on platforms like Spotify, YouTube Music, Billboard, and Apple Music. The group is reportedly getting paid only today, as international platforms typically take 4-9 months to process and distribute payments.
Unfortunately, only FIFTY FIFTY Keena would receive the reportedly massive settlement payment from “Cupid” revenue. That is because Keena was the only one who returned and apologized to the company. Meanwhile, the 3 other members had their contracts terminated.
Moreover, the amount that Keena would receive this month would reportedly be tens of thousands of USD, which is astonishing for a group that just debuted earlier this year.
Former FIFTY FIFTY Members Send Proof of Content to ATTRAKT with Shocking Demands – MORE Lawsuit Update!
Following the update of Keena receiving a massive settlement payment, the 3 former FIFTY FIFTY members immediately sent proof of content to ATTRAKT with shocking demands.
On November 11, former reporter Lee Jin Ho uploaded an explanation video in his YouTube account. In his explanation, Lee Jin Ho revealed the latest update on the new lawsuit controversy happening to FIFTY FIFTY members.
According to Lee Jin Ho, indeed that Keena’s settlement payment amount was supposed to be confidential. However, through various possible methods and his networking chains, Lee Jin Ho was able to estimate Keena’s settlement. According to his investigation, Keena would receive approximately tens of thousands of USD.
Immediately after the news spread to the public, the former 3 members of FIFTY FIFTY sent proof of content to ATTRAKT.
The document consists of two parts. The first part pointed out all the alleged wrongdoings of the company. Then, the second part claimed that the 3 former FIFTY FIFTY members still had the right to the “Cupid” settlement. And since they have the rights to the settlement, the 3 former FIFTY FIFTY members demanded ATTRAKT to pay them.
“When Keena received a settlement worth ten of thousand USD, the other 3 members submitted a proof of content to ATTRAKT.
The first proof of content highlighted ATTRAKT’s negligence, while the second asserted their rights.
The 3 former FIFTY FIFTY members asserted, ‘Since we are entitled, we too deserve a portion of the settlement. This is a request for you to take action.’ to the company.”
former reporter Lee Jin Ho.
Demanding Payments Even After Leaving and Suing the Company in a New Lawsuit
Additionally, former reporter Lee Jin Ho also explained FIFTY FIFTY’s investment history.
The record shows 2.2 million USD in direct investment, 2.5 million USD indirect investment, and 1.3 million USD reserves.
The members believe they need to pay back only the direct investment of 2.2 million USD. And they’ve managed to do this with their music streaming income alone. Therefore, it implies that the alleged ‘breach of trust’ charge filed by 3 former FIFTY FIFTY members against ATTRAKT CEO Jeon Hong Joon in August has been naturally cleared.
Previously, Interpark set up a system where they would receive the profits in advance due to the members’ departure from FIFTY FIFTY. For the record, Interpark is the company that invested 4.5 million USD on ATTRAKT and FIFTY FIFTY.
“The three former members emphasized that failing to receive a settlement once ATTRAKT’s music revenue exceeded 3 billion won could constitute embezzlement.
However, their argument fell apart when Keena received a settlement of tens of thousands of USD.”
former reporter Lee Jin Ho.
Waiting for the Final Update in the FIFTY FIFTY Lawsuit
At last, Lee Jin Ho further clarified about the settlement situations. If the 3 former FIFTY FIFTY members did not leave ATTRAKT, they would naturally receive the settlement.
However, the latest update revealed that ATTRAKT decided to wait until the lawsuit finalizes for the FIFTY FIFTY case. The company would wait for the results from both civil and criminal trials.
“The three former members have had their contracts terminated. Therefore, they face fines and penalties larger than what they would get from the settlement.
Naturally, if they hadn’t left, they should receive the settlement. However, the stance is that Attract cannot make any payments until everything is sorted out in civil and criminal courts.”
former reporter Lee Jin Ho.
So, what do you think about the recent update on FIFTY FIFTY lawsuit and settlement? Do the 3 former FIFTY FIFTY members have the same rights to the settlement as Keena? Please share your thoughts in the comments.
Source: YTN, Sports Chosun
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