Remember LimeWire? The doomed peer-to-peer file-sharing service that offered all kinds of music downloads for free? It was a large part of life for college students everywhere - until a federal court enjoined its operation last October after ruling the company was liable for copyright infringement.
Even though the court granted summary judgment to the Recording Industry Association of America on the issue of infringement in the case, the parties were set to go to trial to determine the amount of damages for which LimeWire was responsible. But according to TG Daily, LimeWire agreed to settle the matter with the 13 different record companies involved for $105 million.
Why LimeWire held out for so long after the landmark 2005 ruling that forced Grokster to shut down remains a mystery to the RIAA, but the association's CEO, Mitch Bainwol, said he and the RIAA members were pleased with the settlement. It isn't clear how the money will be distributed among the record labels or if/when it will eventually reach the artists whose works were infringed.