looks like the biggest bunch of music theives got their just deserts
well thats a total of $150+million less champagne and caviar they'll be buying this year but what i want to know is will this be $75.7 million worth of cd's at their rip off prices or at the 0.35cents they cost to make?.NEW YORK (Reuters) - The five largest music companies and the three largest music retailers will pay $67.4 million in cash to settle a CD price fixing case launched by New York and Florida two years ago, State Attorney General Eliot Spitzer said on Monday.
In August 2000, 43 U.S. states and commonwealths said an industry practice called "minimum advertised pricing" (MAP), under which the labels subsidized advertising for retailers that agreed not to sell CD's below a minimum price determined by the labels, artificially inflated the price of CDs between 1995 and 2000, violating federal and state anti-trust laws.
The five record labels -- Vivendi Universal's Universal Music Group, Sony Music, Bertelsmann AG's BMG Music Group, AOL Time Warner Inc.'s Warner Music Group and EMI Group PLC -- and the three retailers, Musicland Stores Corp., Trans World Entertainment Corp. and Tower Records, agreed to stop using MAP policies as part of the settlement.
Brad Maione, Spitzer's spokesman, said the companies would not admit any wrongdoing.
The cash settlement will be paid to the 43 states. The companies also agreed to distribute $75.7 million worth of CDs to public entities and nonprofit organizations in all 50 states.
"This is a landmark settlement to address years of illegal price-fixing," Spitzer said in a statement. "Our agreement will provide consumers with substantial refunds and result in the distribution of a wide variety of recordings for use in our schools and communities."