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Former A&M Co-Chiefs Sue for $5.6 Million

June 03, 1998|From Bloomberg News

PolyGram was sued for $5.6 million by the former co-chiefs of PolyGram's A&M Records, who say the record company failed to share all of the A&M profits with them that were required under the terms of their 1989 sale of the label.

Jerome Moss and Herb Alpert filed suit in Los Angeles Superior Court, claiming that the world's largest music company owes them $3.6 million from A&M's 1994 profits under the future-profits provision of the purchase agreement. PolyGram paid $460 million upfront for A&M.

A company spokeswoman couldn't be reached for comment.

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