Limewire has made an out-of-court settlement
File sharing software Limewire has made an out-of-court agreement with RIAA and is reported to be shelling out £64.8 million in damages.
The court case for breaching copyright was filed against Limewire by the Recording Industry Association of America (RIAA), a group representing 13 record labels including Warner and Sony music.
The company is now closed down and is paying less that the estimated £46.3 trillion dollars of damages calculated by the RIAA.
Limewire was ordered to shut down in October 2010.
"We are pleased to have reached a large monetary settlement. The resolution of this case is another milestone in the continuing evolution of online music to a legitimate marketplace that appropriately rewards creators," said RIAA's CEO, Mitch Bainwol.
Mark Gorton, the founder of Limewire is reportedly pleased that "this case is concluded."
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