The Hives have been ordered to pay The Cardigans the equivalent of $3 million due to a loan they say they didn’t know they were taking. The confusion is due to Malmo’s Tambourine Studios, who manage both bands’ finances, shuttling money between accounts. Via Stereogum:
The Hives claim they were never told that some of the money they were receiving was a form of loan.
But a district court in Lund, southern Sweden, ruled the money still had to be paid, along with more than five million Swedish kronor (£500,000) in legal fees.
“It is claimed that we borrowed money and simply do not want to pay it back,” The Hives said prior to the judgement.
The band insist there was “no agreement on the loan, no signed documents, no agreements on interest rates or terms of repayment”.
Their lawyer said they would appeal the verdict.
The Hives and Cardigans aren’t the first Swedish bands to face this kind of problem.
Other Swedish artists, like Europe and the Soundtrack Of Our Lives, have reportedly suffered the same kind of trouble. There will be further investigation into whether signatures on the documents allowing this kind of management are legitimate.