Business

Universal Music Faces Federal Lawsuit For Recordings Lost In 2008 Fire

LOS ANGELES SENTINEL — Representatives of several artists who lost master recordings in a 2008 fire at Universal Studios have filed a class action lawsuit seeking at least $100 million in damages, according to multiple media reports.

Published

7 years ago

July 8, 2019

Imani Sumbi

By City News Service

Representatives of several artists who lost master recordings in a 2008 fire at Universal Studios have filed a class action lawsuit seeking at least $100 million in damages, according to multiple media reports.

The rock bands Soundgarden and Hole, country-rock singer-songwriter Steve Earle and the estates of rapper Tupac Shakur and rocker Tom Petty are among those suing Universal Music Group over the fire in its Los Angeles vaults that allegedly destroyed master recordings made by those and other artists.

It is the first legal action taken since a June 11 New York Times Magazine article noted that a fire on June 1, 2008 destroyed thousands of archived recordings dating back to the 1940s and including such iconic artists as Louis Armstrong, Ella Fitzgerald, Bing Crosby and Judy Garland and rock-era performers such as Chuck Berry, Ray Charles, Elton John, the Police, Nirvana and the Roots.

Both the article and the lawsuit allege neither the affected artists nor their representatives were informed of the losses.

The lawsuit, filed jointly Friday in U.S. Central District Court in Los Angeles by attorneys with three separate law firms, states Universal Music owes their clients, and others to be identified later, half of a confidential settlement Universal Music Group negotiated with its sister company, Universal Studios, to compensate for the losses, estimated in the court papers to be at least $150 million, the Los Angeles Times reported.

According to the lawsuit, the artists are also entitled to a share of an insurance settlement Universal Music received for the fire losses. It also accuses Universal Music of breaching its contracts with artists by failing to properly protect the master recordings, which yield higher quality reproductions.

“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,” the lawsuit alleges. “Most importantly, UMG did not share any of its recovery 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.”

Officials with Universal Music have declined to comment on the lawsuit, but have previously said the losses were minimal and promised “transparency” about the fire and the resulting damage. UMG representatives have also criticized the New York Times article, saying it was riddled with “numerous inaccuracies, misleading statements, contradictions and fundamental misunderstandings of the scope of the incident and affected assets.”

Universal Music is the largest record company in the world. It is owned by Vivendi, the French media conglomerate, which reportedly has been looking to sell up to 50 percent of the company.

This article originally appeared in the Los Angeles Sentinel.

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Financial Wellness and Mental Health: Managing Money Stress in College 

While everyone’s financial situation is unique, several common sources of stress have the potential to strain your financial health. These include financial and economic uncertainty, existing debts, unexpected expenses, and mental or physical health changes. Financial stress may differ from situation to situation, but understanding the factors contributing to yours may help you begin to craft a plan for your unique circumstances.

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Sponsored by JPMorganChase

As a college student, managing financial responsibilities can be stressful.

If you’ve found yourself staying up late thinking about your finances or just feeling anxious overall about your financial future, you’re not alone. In one survey, 78% of college students who reported financial stress had negative impacts on their mental health, and 59% considered dropping out. While finances can impact overall stress, taking steps to manage your finances can support your mental, emotional and physical well-being.

When it comes to money, the sources of stress may look different for each student, but identifying the underlying causes and setting goals accordingly may help you feel more confident about your financial future.

Consider these strategies to help improve your financial wellness and reduce stress.

Understand what causes financial stress

2. Determine your financial priorities

Start by reflecting on your financial priorities. For students this often includes paying for school or paying off student loans, studying abroad, saving for spring break, building an emergency fund, paying down credit card debt or buying a car. Name the milestones that are most important to you, and plan accordingly.

3. Create a plan and stick to it

While setting actionable goals starts you on the journey to better financial health, it’s essential to craft a plan to follow through. Identifying and committing to a savings plan may give you a greater sense of control over your finances, which may help reduce your stress. Creating and sticking to a budget allows you to better track where your money is going so you may spend less and save more.

4. Pay down debt

Many students have some form of debt and want to make progress toward reducing their debt obligations. One option is the debt avalanche method, which focuses on paying off your debt with the highest interest rate first, then moving on to the debt with the next-highest interest rate. Another is the debt snowball method, which builds momentum by paying off your smallest debt balance, and then working your way up to the largest amounts.

5. Build your financial resilience

Some financial stress may be inevitable, but building financial resilience may allow you to overcome obstacles more easily. The more you learn about managing your money, for instance, the more prepared you’ll feel if the unexpected happens. Growing your emergency savings also may increase resilience since you’ll be more financially prepared to cover unexpected expenses or pay your living expenses.

6. Seek help and support

Many colleges have resources to help students experiencing financial stress, like financial literacy courses or funds that provide some assistance for students in need. Talk to your admissions counselor or advisor about your concerns, and they can direct you to sources of support. Your school’s counseling center can also be a great resource for mental health assistance if you’re struggling with financial stress.

The bottom line

Financial stress can affect college students’ health and wellbeing, but it doesn’t have to derail your dreams. Setting smart financial goals and developing simple plans to achieve them may help ease your stress. Revisit and adjust your plan as needed to ensure it continues to work for you, and seek additional support on campus as needed to help keep you on track.

 JPMorgan Chase Bank, N.A. Member FDIC