I haven't been following iTunes' indie issues in the EU that closely but their complaint, as worded below, seems fair:

The Association of Independent Music, which represents 820 U.K. labels, does not want its members to commit to the three-year, fixed-income deal it said is on the table.

'The independent sector is keen to license to as many new services as possible, but never in a million years will we sign up to an online deal that isn't as good as the deals we already have offline,' AIM's Sam Shentob said. 'In a year or so, they may decide to increase their prices -- but all that extra markup would go to Apple (and not to the labels). We are not going to throw our music away. The terms are simply unviable.'

Now anyone expecting businessmen to always act rationally, much less fair, esp. when the business holds the "real power" in the equation, are very often going to be disappointed, but it's a fair request here, I think.