Universal Music Group says original masters for 'many of the artists' named in class action were not lost in fire
Firefighters battle a fire on the backlot of Universal Studios on June 1, 2008 in Universal City, Calif.
The plaintiffs are seeking to recover half of any settlement proceeds and insurance payments received by UMG and half of any remaining loss of value not compensated by such settlement proceeds and insurance payments. According to the lawsuit, UMG's litigation and insurance claims following the fire were reportedly valued at $150 million to recoup the value of the master recordings -- none of which was directly shared with artists.
Attorneys for the musicians said they agreed to drop Hole because UMG assured them the band's music was not effected. Ed McPherson
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