SAN FRANCISCO, Calif. (CelebrityAccess MediaWire) — The CFO of Signatures Network has filed a lawsuit against the firm, charging that they wrongfully terminated him after he protested allegedly fraudulent practices at the company that deprived its musical artists of millions of dollars in royalty payments.
The complaint charges that Signature engaged in ongoing fraudulent practices which included fraudulently charging overhead costs to artists and assessing manufactured credits against artists' royalties. The suit also alleges that Signature's CFO repeatedly protested the practices to the company's CEO and COO after learning of them, but the practices continued. The lawsuit charges that Signature later fired the CFO because of his complaints.
Signature is one of the largest music merch and fan club management companies with merch rights on numerous major recording artists, including Madonna, U2, Bruce Springsteen, Jennifer Lopez, Ozzy Osbourne, Kiss, Coldplay and Justin Timberlake. The company was acquired by Live Nation late last year. – CelebrityAccess Staff Writers