More details on Warner – Maverick controversy
More details about the Warner Music vs Maverick Records legal battle have been revealed today and are headlining the web’s major newspages.
A month ago, Madonna’s record label Maverick Records pointed fingers at Warner Music and its former parent Time Warner Inc, citing ‘breach of contract, improper accounting and management’, which reportedly cost the singer and her business partners millions of dollars.
The suit, filed at a Los Angeles Superior Court, accused Warner of ‘engaging in acts of self-dealing and profit-taking, falsely accounting for receipts and expenses of the partnership… and secretly attempting to seize partnership opportunities for their own benefit.’
Warner was quoted by the New York Post, as saying, “Maverick has invented and asserted trumped-up and baseless claims of fiduciary breach and breach of contract against its long-term partner.” They added that Madonna’s lawsuit came just when Warner was about to buy Maverick Records.
According to reports, Warner has accused the singer of losing $66 million over the last five years. The label has also said the singer has not repaid a $20 million loan from Warner.
Bert Fields, Madonna’s attorney estimates the damages at over $200 million, mentions Hollywood Reporter, though the compensation they have claimed is not known.
Maverick claims it wants to end the joint-partnership agreement with Warner, leaving it open for business with other companies.
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Based on an article by rediff.com