Limewire settles for £64.8 million with RIAA

Limewire's founder glad it is all over

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."

Do you think that with this settlement, illegal music downloads will be reduced? Let us know at T3's Twitter and Facebook feeds and stay tuned for more updates.

Via: TechRadar