Selling CDs is Thievery

In a gleefully ironic turn, major CD music vendors have been convicted of price-fixing. Who’s the thief now, huh? huh?

Under the settlement, $67.38 million in cash will be distributed to the settling states. This will be used to compensate consumers who overpaid for CDs during the 1995-2000 period, as well as to pay settlement administration costs and attorneys’ fees. In addition, 5.5 million CDs, valued at $75.7 million, will be distributed to public entities and nonprofit organizations in each state to benefit consumers and promote music programs. According to the agreement, the companies will pay artist royalties on the CDs.