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Friday, January 03, 2003

Legal Eagles

Apparently there's a huge lawsuit concerning the record industry's pricing practices over the last seven years.

From MusicCDSettlement.com:

You are a member of the Settlement Group if you are a person (or entity) in the United States or its Territories and Possessions who purchased prerecorded Music Products, consisting of compact discs, cassettes and vinyl albums, from one or more retailers during the period January 1, 1995, through December 22, 2000

The Defendants have agreed to pay a combination of cash and non-cash consideration. Defendants' combined cash payments total $67,375,000. In addition, Distributor Defendants will provide $75,700,000 worth of prerecorded music compact discs.

So that $67 Mil, divided how many ways? I mean, if few file claims in the settlement, ~~the jackpot will be big for the few who do. But somehow I don't foresee that happening...~~

EDIT: Oops, missed this...
Cash Distribution

The cash paid by the Defendants, after the payment of attorneys' fees, litigation and Settlement administration costs, shall be distributed to consumers who purchased Music Products. The number of claims filed will determine the actual amount of the individual refund but will not exceed $20.00 per claimant. If the number of claims filed would result in refunds of less than $5.00 per claimant, there will be no cash distribution to individual consumers.

Next, in a bizarre twist on a 60 Minutes story that I happened to see, which was about the huge amounts of money doled out in legal cases decided in Mississippi, the jurors are (what else?) suing CBS for defamation. $6 Billion for punitive damages. How shocking, considering the topic of the television piece.

I guess this is more obvious than ironic, really.

More fun to be had here: TV show on Miss. justice stirs suit

posted by Steve 1/03/2003 09:53:00 PM

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Friday, January 03, 2003

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