Madonna sues over 'lost millions'

Madonna's Maverick Records label has sued Warner Music and Time Warner for breach of contract, accusing the record company and its former parent of mismanagement and improper accounting that cost the singer and her partners millions of dollars.

The lawsuit, filed in Los Angeles Superior Court, is the latest chapter in a long-running dispute between Madonna and Warner over Maverick, a joint venture the singer and record company launched in 1992.

In the suit, Beverly Hills-based Maverick accuses Warner Music and the other defendants of "engaging in acts of self-dealing and profit-taking, falsely accounting for receipts and expenses of the partnership ... and secretly attempting to seize partnership opportunities for their own benefit".

Maverick claims Warner violated the venture agreement by failing to pay for "guaranteed" services like radio promotion, marketing and sales meant to support Maverick artists.

The suit also contends Warner obscured label profits by using "artificial and improper accounting methodology to create the false impression of losses".

In a statement, Warner Music Group called Maverick's claims "baseless, unsubstantiated and without merit".

A Madonna spokeswoman said the singer had no comment. A Time Warner spokeswoman said the company does not comment on pending litigation.