Lawsuit Against UMB For Master Recordings
Universal Music Group is being sued by the estates of Tom Petty, Tupac, Soundgarden, Steve Earle and Hole. Back in 2008 there was a huge fire that destroyed an estimated 500,000 master recordings by artists ranging from Nirvana to Billie Holiday. They were held in a facility that UMG had rented from NBC and value the losses from the fire at $150 million.
According to the lawsuit its looking 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 and insurance payments.”
Mandatory Credit: Photo by Jim Smeal/BEI/Shutterstock (766815b)
Plume of black smoke rising from the back lot
Fire at Universal Film Studios, Hollywood, Los Angeles, America – 01 Jun 2008
Fire erupted early Sunday morning June 1, 2008
