According to some news sources, some major music companies sued or planning to sue the YouTube-mp3.org tool, which rips the audio from YouTube videos. The companies feel it is a piracy and site is facilitated. The major companies involved in this action are Universal, Capitol, Sony and Warner Brothers.
Major industry companies which include RIAA (Recording Industry Association of America), the BPI (British Recorded Music Industry), and the IFPI (International Federation of the Phonographic Industry), are approaching the website legally for copyright infringement.
According to the reports YouTube-MP3 is known for piracy and it encourages the user to convert legal videos into audio. This affects the business model of the music industry and they came up with an idea of suing the site.