Bob Dylan, Tom Petty, Tom Waits, and other artists poised to take back copyright ownership of their work

Typically, it’s artists who get burned by record labels when it comes to loopholes buried deep in the fine print. But this time it's the labels who could be hurting because of a copyright law allowing artists to take back their work after 35 years. Music released in 1978 will be the first releases affected by the "termination rights" rule, and a slew of artists—including Bob Dylan, Tom Petty, and Tom Waits—have already filed papers to reclaim their copyright ownership. Other artists with music released in 1978 will want to do the same soon—you have to apply two years in advance to qualify. In the meantime, artists can expect a legal fight from labels, who stand to lose millions in revenue in catalog sales. [Via Rolling Stone]