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Photolibrary Responds . . . |
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Written by Ron Rovtar, Managing Editor, the Stock Asylum
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Friday, 07 December 2007 |
 "Yes, we admit there is a problem with the accounts. We are working our way through them. We are doing the right thing."
Photolibrary Chairman Tim Moore was responding to allegations from a former employee who said company's Index Stock division owes 1,500 photographers a total of $2.2 million in unpaid royalties from before November of last year. Photolibrary acquired the financially troubled New York City stock photography distributor during that month.
Moore said his company is working to identify photographers who are still owed money. He contended that documents former employee Carlos Santos relied on in making the claims were stolen and manipulated.
And the chairman praised the Picture Archive Council of America (PACA) for "being discreet in a very independent and sensible way" in their handling of a complaint against Photolibrary. PACA's Ethics and Grievance Committee is looking into the concerns raised by Santos.
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