Music Companies Owes You $143 Million?

CD prices have continually been on the rise for the last ten years nationwide causing consumers to openly complain about pricing. Not only do the courts agree with the public, but they want the consumers to get their money back. A settlement of $143 million dollars was reached against Tower Records, Musicland-Sam Goody, Trans World Entertainment, Universal Music Group, Warner- Elecktra-Atlantic, Sony Entertainment, BMG and EMI. Allegedly, the companies were price-fixing their products to combat the loss of business to stores such as Circuit City and Walmart who sell cd’s at a reduced rate. By raising their cost, the company violated federal and state antitrust laws. Following the terms of the settlement consumers will receive $67.4 million dollars back as well as $75.7 million dollars of cd’s to schools and charities around the country.

The amount each company will pay back will be:

Universal Music Group-$40.6 million

Warner-Elektra-Atlantic – $29.4 million