Sirius XM Holdings Inc. (NASDAQ:SIRI) is quickly becoming one of the best Nasdaq stocks, as it continues to ascend in the market. During the last week alone, the stock has added around $0.2 to its share value and is currently trading at $4.94 per share. Added to this, after having won the dismissal of Turtles copyright lawsuit, it is expected that SIRI would surge even further in the coming days. Furthermore, rumors have been circulating that Sirius XM, alongside Liberty Media, might be working to acquire Pandora Media Inc (NYSE:P).
Recently, Sirius XM came under fire for playing older songs on its satellite radio service, by artists from the 1960s, including the Turtles band. Although the plaintiffs and the company had reached a settlement in November, the most recent victory reduces the size of the settlement. As per the ruling, passed by the court of appeals, the New York common law does not provide protection to publicly performed songs, earlier than 1972.
The lawsuit had been filed by Flo & Eddie Inc, which controls the band’s music rights and is run my two of the former band mates. Flo & Eddie filed an appeal in the 2nd U.S. Circuit Court of Appeals, claiming that the State Court has failed to resolve SIRI’s liability to unauthorized copying and unfair competition, which was also a part of the suit.
It should be noted here that the settlement initially called for Sirius to pay up to $99.2 million to class members. This included the costs and royalties of a 10-year license, $25 million in previous royalties and $5 million per state, if the plaintiffs prevailed in cases pending in Florida, California and New York. The recent ruling, however, reduces that number by $5 million, while also reducing the future royalty rate by 2%. The exact settlement would be made available once the results of the pending lawsuits is made available on Nasdaq stock news and a hearing of the final approval is conducted on May 8, 2017.