Universal Music Pays $61 Million
The global music arm of Vivendi Universal paid more than $61 million into a court account to clear the way for an appeal in its legal dispute with independent TVT Records.
Universal Music Group was ordered to pay damages after jurors found its Island Def Jam label liable for fraud and other charges for blocking TVT’s release of an album featuring rap star Ja Rule.
The sum -- equal to about one-tenth of the music giant’s operating income last year -- covers $53 million in damages in addition to interest awarded to TVT.
Universal said it filed a notice of appeal and remained “confident” that the verdict would be overturned.
-- Jeff Leeds
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