Record companies pay price-fixing fine
Tuesday, October 1st, 2002If you thought you were paying too much for music CDs, you were right: it turns out that music retailers and publishers were colluding in a scheme to prevent the retailers from selling at a discount. Retailers Trans World Entertainment, Tower Records, and Musicland Stores, and publishers Universal Music & Video Distribution (UMVD), BMG Distribution, WEA, and EMI Distribution (EMD), and Sony Music Distribution together will pay $143 million to settle an anti-trust lawsuit brought by state attorneys general.
Yeah, it’s just a slap on the wrist for a multi-billion-dollar industry, and they don’t have to admit any wrongdoing, but it still couldn’t happen to a nicer gang of defendants.
