Bowie + Diddy Share Royalties Windfall
David Bowie, P DIDDY, Dolly Parton and The Dave Matthews Band are among the thousands of artists who will receive payments from major record labels for unclaimed, unpaid royalties, as part of a new settlement.
New York State Attorney General Eliot Spitzer agreed the $50 million (GBP27.8 million) settlement earlier this week (beg03MAY04).
He says, "Some artists struggle. They depend on the stream of royalties."
In addition to the big names, several lesser-known artists are to receive unpaid monies.
The settlement is the result of a two-year investigation by Spitzer that found many artists and writers were not being paid royalties. Spitzer says the record companies had failed to maintain contact with the artists or their estates and had stopped making required payments.05/05/2004 21:16