Maverick Records vs Warner Music: Madonna's lawsuit
US pop singer Madonna's Maverick Records sued Warner Music Thursday in a lawsuit seeking 200 million US dollars in damages for alleged breach of contract in their joint venture.
The suit asks a judge to terminate Madonna's 11-year-old deal with Warner Music and allow her and business partner Guy Oseary to walk away from Warner with their Maverick assets, such as Alanis Morissette, in tow.
The suit is in response to the complaint Warner filed Wednesday in Delaware, where the company asked a judge to declare that Maverick's allegations that Warner violated the joint venture agreement are baseless.
Maverick alleges that Warner Music and former parent Time Warner failed to abide by their contractual and fiduciary duty, engaging in acts of self-dealing and secret profit-taking, falsely accounting for receipts and expenses of the partnership, sacrificing the interests of the partnership and its partners for defendants' own self financial interests, report xinhuanet.com
The lawsuit, filed in Los Angeles Superior Court, is the culmination of a year-long dispute between Maverick and Warner, predating the recent $2.6-billion purchase of Warner Music by a group of investors led by Edgar Bronfman Jr. The suit, which alleges fraud and false accounting, caps a dispute centering on the future of the venture, home to acts like Michelle Branch and Alanis Morissette, after the expiration of the partnership deal at the end of 2004. A person familiar with the matter said Madonna and her partners had tried to sell her 60-percent stake in the label to Warner Music and its former parent Time Warner.
But those talks broke down over price, with Madonna valuing her stake at about $60 million and Warner Music offering far less, the person said, inform reuters.com
According to an earlier report by Pravda.Ru Madonna will play a show at London's Earl's Court venue on 18 August. The superstar has already started rehearsals for the re-Invention Tour. A spokeswoman said: "She can't wait to get back on stage."
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