BusinessCompany NewsAccounting policies at centre of Yoko Ono victory

Accounting policies at centre of Yoko Ono victory

Widow of John Lennon wins case against EMI and Capital records

Yoko Ono, the widow of
the late Beatle, John Lennon, has won a lawsuit against record labels EMI and
Capitol Records Inc for $10m (£5.5m) over claims she lost royalties from his
recordings.

Filed in
Manhattan’s
state Supreme Court
, Ono has accused the labels of ‘willfully and knowingly
underreporting royalties’ by concealing the ‘true use and disposition of
Lennon’s recordings.’

They also allege that EMI and its
subsidiary ‘intentionally and systematically rendered dishonest and grossly
deficient accounting statements’.

EMI/Capitol, said that ‘artists from time to time request audits of their
royalty accounts’ and that ‘sometimes there are differences of opinion, which is
understandable given the complex nature of recording contracts’

EMI will be appealing the judge’s ruling.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor