In the sense that you own the physical CD but only have a license to use the music on it. Ripping a CD is not legal in many countries including UK and probably the US [1], so do you 'own' the music any more than someone who has pirated it? I guess, in some sense.
Then I hate to break it to you but that’s totally not true. It might have PMs or engineers shitting themselves, but the lawyers don’t really care. It’s just not a big deal.
[1] https://en.wikipedia.org/wiki/Ripping#Legality