Sirius XM Sued By Major Record Labels Over Older Songs and 2 More Heavily Traded Stocks to Follow
Sirius XM Radio Inc. (NASDAQ:SIRI): Current price $3.78
Major record labels now have the most recent group to sue Sirius XM Radio for using songs recorded before 1972 and not paying for them. Federal copyright law did not cover recordings until 1972, which leaves prior recordings protected only by some state laws. The lawsuit was filed in Los Angeles Superior Court by Access Industries Inc.’s Warner Music Group, Sony Corp.’s Sony Music Entertainment, Vivendi SA’s Universal Music Group, and ABKCO Music and Records Inc., which is the independent label that controls a number of the best-known Rolling Stones recordings, along with work by The Animals and Sam Cooke.