As Peloton prepares IPO, music publishers seek to double lawsuit to $300 million
By Jonathan Stempel NEW YORK (Reuters) - Music publishers have asked a federal judge to let them double their lawsuit against Peloton Interactive Inc to $300 million, saying the maker of stationary bicycles has streamed more than 2,000 workout videos used without permission. The National Music Publishers' Association, a trade group, said on Friday that since suing Peloton in March for copyright infringement, publishers have found a trove of additional songs that the New York-based company knowingly and recklessly offered to customers without first getting required licenses. These allegedly included songs from Adele, Beyonce, Ariana Grande, John Legend, Maroon 5, Meek Mill and Taylor Swift, as well as classics such as The Beatles' 'I Saw Her Standing There,' Ray Charles' 'Georgia On My Mind' and The Who's 'I Can See For Miles.' Publishers want to add 1,324 songs to their lawsuit, the trade group said.
By Jonathan Stempel
NEW YORK (Reuters) - Music publishers have asked a federal judge to let them double their lawsuit against Peloton Interactive Inc
The National Music Publishers' Association, a trade group, said on Friday that since suing Peloton in March for copyright infringement, publishers have found a trove of additional songs that the New York-based company knowingly and recklessly offered to customers without first getting required licenses.
These allegedly included songs from Adele, Beyonce, Ariana Grande, John Legend, Maroon 5, Meek Mill and Taylor Swift, as well as classics such as The Beatles' "I Saw Her Standing There," Ray Charles' "Georgia On My Mind" and The Who's "I Can See For Miles." Publishers want to add 1,324 songs to their lawsuit, the trade group said.
"Peloton fully understood what the copyright law required, having entered licenses with certain other copyright holders, while trampling the rights of plaintiffs by using their musical works for free and without permission," the publishers said in a proposed amended complaint filed late on Thursday.
U.S. District Judge Denise Cote in Manhattan must grant approval before publishers can pursue their expanded case.
The proposed complaint was filed two days after Peloton said it planned to raise up to $1.33 billion in an initial public offering, by offering 46 million shares priced between $26 and $29 each.
Peloton said its platform could have been developed only through "close collaboration" with major labels and music publishers, among others.
"We will continue to defend ourselves against claims made in this matter and look forward to pursuing our counterclaims," the company said in an emailed statement.
In a Friday court filing, Peloton's lawyers asked Cote to schedule a conference to address the publishers' and NMPA's alleged failure to turn over documents relevant to its case, saying the parties had reached an "impasse."
Founded in 2012, Peloton sells stationary bicycles starting at $2,245, in packages requiring memberships to access live and on-demand classes from home. Unlimited access costs $39 a month.
The case is Downtown Music Publishing LLC et al v Peloton Interactive Inc, U.S. District Court, Southern District of New York, No. 19-02426.
(Reporting by Jonathan Stempel in New York; Editing by Tom Brownand Leslie Adler)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
By Jessica Resnick-Ault NEW YORK (Reuters) - Oil prices strengthened on Wednesday, as OPEC and its allies were seen complying with a pact to cut oil supply in September, even as concerns loomed that recovery in fuel demand will be stalled by soaring global coronavirus cases. Early in the day crude was boosted by a bullish stock market. Even as equities whipsawed on pandemic worries, oil stayed higher, buoyed by expectations that OPEC could staunch a supply glut
By Tina Bellon and C Nivedita (Reuters) - Tesla Inc will further cut the price of its Model S "Long Range" sedan in the United States to $69,420, the electric carmaker's chief executive, Elon Musk, announced in a tweet https://bit.ly/2H0JCP0 on Wednesday. The anticipated drop marks the second time this week Tesla has cut the price for the high-end sedan, following a 4% cut of the Model S's price in the United States on Tuesday to $71,990.
By Jeff Mason DES MOINES, Iowa (Reuters) - Under siege over his handling of the novel coronavirus pandemic, President Donald Trump on Wednesday cited what he said was his son's mild bout of the virus as a reason why American schools should reopen as soon as possible. Trump made the comment about his son, Barron, as the president swept into Iowa on a mission to shore up support in battleground states that he won in 2016 but is in danger of losing to Democrat Joe Biden barely three weeks before the election. First lady Melania Trump announced in a statement earlier in the day that the virus that struck both her and her husband had also infected their 14-year-old son