Published Apr 17, 2013Swedish garage rock group the Hives just saw their collective bank account take a huge dip after a court ordered the band to pay fellow countrymen the Cardigans the meaty sum of 18.5 million kronor ($2.87 million) and additional legal fees in a money transfer-related lawsuit.
According to AFP, the suit is one of many involving the Malmö, Sweden-based Tambourine Studios, which had handled both bands' finances. The company had said it was standard practice to transfer money from successful artists to developing talent, though the Hives claimed they were never told that the money was in the form of a loan from the Cardigans.
Prior to yesterday's (April 16) ruling, the Hives said in a statement: "There are no loan agreements, no signed documents, no agreements on interest rates."
While the district court in the Swedish city of Lund agreed in its ruling that Tambourine's money transfer "shouldn't be viewed as a loan," it still ruled that the Hives have to pay back the other act "since there is no reason... to keep the money that came from the Cardigans."
The Hives haven't issued a statement since the ruling, but they will be hitting the European festival circuit this year in support of last year's Lex Hives.
The Cardigans didn't issue a statement on the ruling either. Best known for their 1996 hit "Lovefool," the pop act's last LP was 2005's Super Extra Gravity.