Labels To Pay Millions In Back Royalties

U.S. music companies will pay millions in back royalties to thousands of artists in a settlement to be announced tomorrow by New York State Attorney General Eliot Spitzer.

U.S. music companies will pay millions in back royalties to thousands of artists in a settlement to be announced tomorrow by New York State Attorney General Eliot Spitzer.

The settlement, which follows a lengthy investigation, could total as much as $50 million, a source says. It is understood that the settlement involves all five major music companies, as well as other labels. It includes recording and publishing royalties.

The names of the artists benefiting from the settlement will be revealed at a press conference in New York. Apparently, they range from current hit acts to deceased stars of yesteryear. Some of the artists are expected to attend the press conference.

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