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The Hives Ordered to Pay $2.9 Million to The Cardigans

A court in Sweden has ordered The Hives to pay the equivalent of $2.9 million to fellow Swedish band The Cardigans , reports Agence France-Presse .

The action is part of an unfolding legal drama in that country involving the business practices of Tambourine Studios, a major recording studio that also handled finances for both bands.

According to AFP, the legal dispute arose because Tambourine managed the cash flow of the bands by routinely transferring money between their accounts.  The Cardigans, who had a chart topping hit in 1996 with "Lovefool," alleged that money transferred from their account to The Hives was a loan, and should be repaid with interest.  The Hives said they were never told that the money was a loan from another band, and insisted that no loan agreement existed.

The Swedish court ruled that even though the money couldn't be treated as a loan, and therefore be subject to interest payments, nevertheless The Hives are on the hook to for the cash -- "since there is no reason... to keep the money that came from The Cardigans," said the court.

Copyright 2013 ABC News Radio