The Hives Lose $2.8 Million To The Cardigans

17 April 2013 | 1:38 pm | Dan Condon

The two Swedish parties have come to the end of their court battle.

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Dapper Swedish punk rock heroes The Hives have come out on the wrong side of a recent court battle with fellow countrymen The Cardigans, being ordered to pay the group 18.5 million kroner (2.2 million euros or $2.9 million) overnight, as reported by AFP.

The two bands were embroiled in a court battle due to the operations of Tambourine Studios; a popular Swedish recording studio who also managed the finances of both groups. Tambourine noted that it was standard practice for the company to transfer money from bands flush with cash to those with less.

The Hives claimed they were not aware they were essentially borrowing money from The Cardigans, who topped charts around the world with their hit single Lovefool, as there were “no loan agreements, no signed documents, no agreements on interest rates”.

The court agreed that it shouldn't technically be ruled as a loan, but that the money would still need to be repaid, because there was no reason why they ought to keep The Cardigans' money.

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A confusing situation, sure. But one thing is easy to understand, both bands make pretty irresistible tunes: