A class-action lawsuit against Universal Music Group has been launched.
Lawyers representing Tom Petty, Soundgarden, Steve Earle, Hole, and others have taken legal measures against Universal over the 2008 fire that caused hundreds of thousands of master tapes to be destroyed. Universal had initially downplayed the extent of the damage.
Variety reported that it obtained a copy of the legal papers, in which a claim was made for “50% of any settlement proceeds and insurance payments received by UMG for the loss of the Master Recordings, and 50% of any remaining loss of value not compensated by such settlement proceeds.”
Several artists have publicly stated that they were not informed about their own recorded materials. CEO Lucian Grainge released a statement saying he would provide answers.
Read the full story on Ultimate Classic Rock.