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Hives ordered to pay Cardigans £1.8 million in accounts mess
By Chris Cooke | Published on Wednesday 17 April 2013
The Hives have been ordered to pay fellow Swedes The Cardigans 18.5 million kroner (or about £1.8 million), after a slightly confusing legal battle resulting from dubious financial management practices at the Malmö-based Tambourine Studios.
According to local media reports, the Lund District Court heard that it was standard practice at Tambourine Studios to move money between the accounts of artists it represented to provide cheap cash flow. This was how 18.5 million kroner belonging to The Cardigans ended up in The Hives’ account.
However, The Hives argued that they were never told by Tambourine that some of the money transferred into their band account was, in essence, a loan from other artists, in particular The Cardigans. And in a blog post ahead of the court hearing the band stated “there are no loan agreements, no signed documents, no agreements on interest rates”.
The judge hearing the case agreed that the transfers made by Tambourine “shouldn’t be viewed as a loan”, given the lack of any formal agreements to that effect, but nevertheless the money that belonged to The Cardigans should be returned to them.
The case is reportedly one of a number involving Tambourine Studios currently working its way through the courts.
