Musicians’ Union Sues Record Companies Over Pension Fund Contributions
Source: Variety
Dave McNary
The American Federation of Musicians and Employers’ Pension Fund has sued five major recording labels for alleged failure to make pension fund contributions.
The suit was filed Monday in federal court in New York against Atlantic Recording, Hollywood Records, Sony Music Entertainment, Universal Music Group Recordings and Warner Bros. Records. It alleges that the five companies failed to make pension fund payments from foreign audio stream revenue and foreign and domestic ringback revenue.
The union asserted that the recording companies entered into an agreement, subsequently renewed, in 1994 requiring the companies to pay 0.5% of all receipts from digital transmissions including audio streaming, non-permanent downloads and ringbacks.
“The record companies should stop playing games about their streaming revenue and pay musicians and their pension fund every dime that is owed,” said Ray Hair, AFM international president. “Fairness and transparency are severely lacking in this business. We are changing that.”
FULL story at link.
Read more: http://variety.com/2015/music/news/american-federations-of-musicians-lawsuit-record-companies-1201566782/
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how the record companies can get all up in arms about something bad happening to them and seem to forget their own obligations.....
