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Business News (more headlines) 07-19-2004

Murray's Bill On Recording Industry Accounting Standards Heads To Governor

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Senate Bill 1034, authored by Senator Kevin Murray (D-Los Angeles), passed the Senate floor today and now goes to the Governor.

SB 1034 establishes a statutory right to a basic set of standards for the audit process in the recording industry.

* The right to audit once a year.
* The right to hire an auditor on a contingency fee basis.
* The right to hire a single auditor to conduct multiple audits on
behalf of several different artists on the same label simultaneously.

These rights are prohibited in most existing recording contracts. "This is a significant step forward for artists rights by first providing a statutory right to audit and lowering the bar to allow rank and file artists to audit," stated Senator Murray.

The measure is strongly supported by the American Federation of Television and Radio Artists (AFTRA), California Federation of Labor, California Teamsters Public Affairs Council, and the Los Angeles County Federation of Labor, AFL-CIO.

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