Pink Floyd is taking their long term record label, EMI to court; suing the label for allegedly miscalculating royalty payments on their back catalog.
The band has filed a lawsuit against EMI, whom they have been with since 1967, for owed royalties they never received from the sales of their back catalog over the years. Neither the band nor the label has not commented on the amount of money in question, but since the success of the band's Dark Side of the Moon and The Wall was so large -- both of which are among the best-selling records of all time -- the back owed royalties could possibly be in the millions.
According to Rolling Stone, the only group that has outsold Pink Floyd's back catalog over the past 25-years is The Beatles. The lawsuit was most likely brought about after a routine royalty negotiation, which occurs every three years. Pink Floyd would not be the first big band to have trouble with spiraling major label. Since 2007, when EMI paired up with the private equity firm Terra Firma (insert ironic name joke here), the label has seen the loss of Radiohead and Paul McCartney.