Post by CarolinaCutie on May 7, 2003 12:31:58 GMT -4
LOS ANGELES (Reuters) - Independent record label TVT Records on Tuesday was awarded $132 million in damages related to a lawsuit it filed against Vivendi Universal's Island Def Jam unit.
The award followed a verdict in March by federal jury in Manhattan which found Island Def Jam and its chairman, Lyor Cohen, liable for interference with contract, fraud and copyright infringement in a dispute over a still-unreleased album that involves some of the rap world's biggest names.
TVT Records accused Cohen and Def Jam of reneging on a deal that would have allowed TVT to release an album featuring rap artist Ja Rule, now one of Def Jam's bigger stars.
Peter Haviland, a lawyer with Akin, Gump, Strauss, Hauer & Feld LLP, who represents TVT, said that the award and verdict sent a message to Def Jam and its parent, Universal Music, the world's largest record company.
"Justice is done. I hope the world's largest record company has heard this message," he said.
The award included $108 million in punitive damages and $24 million in compensatory damages.
Lawyers for Def Jam said they would appeal the jury's verdict.
"We are disappointed with the jury's verdict. We do not believe that it is supported by the facts or the law," said Island Def Jam attorney Matthew Dontzin.
"We will immediately and vigorously appeal the verdict. We are confident that the verdict will not withstand the scrutiny of an appellate court," he said.
Whoa...$132 million?!
In Lyor Cohen's case, being too greedy and manipulative juss doesn't pay off when it comes to business contracts and the such (no pun intended)! I feel very sorry for the majority of the artists at Def Jam. 
This is certainly not good news for them; but hopefully they'll be able to pull through this setback. 
The award followed a verdict in March by federal jury in Manhattan which found Island Def Jam and its chairman, Lyor Cohen, liable for interference with contract, fraud and copyright infringement in a dispute over a still-unreleased album that involves some of the rap world's biggest names.
TVT Records accused Cohen and Def Jam of reneging on a deal that would have allowed TVT to release an album featuring rap artist Ja Rule, now one of Def Jam's bigger stars.
Peter Haviland, a lawyer with Akin, Gump, Strauss, Hauer & Feld LLP, who represents TVT, said that the award and verdict sent a message to Def Jam and its parent, Universal Music, the world's largest record company.
"Justice is done. I hope the world's largest record company has heard this message," he said.
The award included $108 million in punitive damages and $24 million in compensatory damages.
Lawyers for Def Jam said they would appeal the jury's verdict.
"We are disappointed with the jury's verdict. We do not believe that it is supported by the facts or the law," said Island Def Jam attorney Matthew Dontzin.
"We will immediately and vigorously appeal the verdict. We are confident that the verdict will not withstand the scrutiny of an appellate court," he said.
Whoa...$132 million?!
In Lyor Cohen's case, being too greedy and manipulative juss doesn't pay off when it comes to business contracts and the such (no pun intended)! I feel very sorry for the majority of the artists at Def Jam. 
This is certainly not good news for them; but hopefully they'll be able to pull through this setback. 
I got to get it, u won't forget it, kiss you unda ya navel, I'll go where she won't go.