Credit: allkpop | @lilsoshis
SM Entertainment has been cleared of the accusations regarding colluding with music distributors.
On August 16th KST, the Seoul High Court revealed their verdict on the issue: “The FTC (Fair Trade Commission) has canceled all corrective orders against SM Entertainment, and the lawsuit costs will be paid by the defendant.” As a result, suspicions about SM Entertainment bargaining with music distributors have been found to be false.
The FTC previously determined that SM Entertainment had colluded with distributors to fix prices, and issued a corrective order requiring the agency to pay a fine. However, SM Entertainment filed a countersuit against FTC in July requesting them to rescind the order as well as the fine against the company. SM has now won its case and has been freed of the accusations.
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