According to Billboard, bands are filing a lawsuit against Universal Music Group for destroying their master recordings.
SOUNDGARDEN and HOLE are among the artists who have filed a class action lawsuit.
The lawsuit seeks to recover half of any settlement proceeds and insurance payments received by UMG and half of any remaining loss of value not compensated by such settlement proceeds and insurance payments.
The suit claims that Universal took in settlement proceeds and insurance claims valued at $150 million.
Here’s the statement:
“UMG concealed its massive recovery from Plaintiffs, apparently hoping it could keep it all to itself by burying the truth in sealed court filings and a confidential settlement agreement”.
It further says:
“Most importantly, UMG did not share any of its recoveries with Plaintiffs, the artists whose life works were destroyed in the Fire — even though, by the terms of their recording contracts, Plaintiffs are entitled to 50% of those proceeds and payments.”