The Hives Ordered to Pay the Cardigans Nearly $3 Million Over ‘Loan’
The Hives must fork over nearly 18.5 million kronor, which amounts to about $3 million in U.S. dollars, to their fellow Swedes the Cardigans, a court has ruled. The whopping payback stems from the fact that a recording studio managed both bands' funds routinely swapped money between accounts. The Hives are not stoked about having to pay up, and with good reason.
Tambourine Studios, a Swedish recording facility that was tasked with management of both bands' finances, shuffled funds between each group's accounts for several years, according to a report. Unfortunately, the Hives were unaware that such actions constituted a "loan."
"It is claimed that we borrowed money and simply do not want to pay it back," the Hives said about the misunderstanding prior to the case being judged.
The monochromatic garage rockers are appealing the court's verdict, claiming that there was "no agreement on the loan, no signed documents, no agreements on interest rates or terms of repayment." If none of those conditions were in place, how can it be a loan?
We're not legal experts, but the Hives seem to have a legit argument there. It's not a small sum of money, so the band's displeasure at the situation is totally understandable.