MySpace Music is reportedly set to launch sometime this week, but the new partnership between MySpace and the major labels may already be facing legal action from indie labels that say they are being excluded from the deal.

MySpace Music prevents smaller labels from putting music on the service, and when an indie band’s catalog is owned by a major label overseas, the major gets the royalties from the band’s catalog.

Citing the fact that with those stipulations, and the deals with three of four major labels (and a deal with the fourth looming) MySpace Music controls 70 percent of the music industry on the site. If they refuse to include indies, the companies could file anti-trust lawsuits.

Independent music association Impala has started raising questions and bombarding MySpace Music with inquiries, but that process remains in its infancy. This is all hinging, of course, on MySpace Music actually launching. Its been pushed back more often than Tha Carter III and Invincible Summer combined. [The Register]