LimeWire To Pay $105 Million To Record Labels

Last October, a federal court shut down peer-to-peer file-sharing service LimeWire. Yesterday, the defunct company agreed to fork over $105 million to to settle a copyright infringement suit brought by 13 record labels.

Sayeth the Chairman and CEO of the Recording Industry Association of America:

We are pleased to have reached a large monetary settlement following the court’s finding both LimeWire and its founder Mark Gorton personally liable for copyright infringement… As the court heard during the last two weeks, LimeWire wreaked enormous damage on the music community, helping contribute to thousands of lost jobs and fewer opportunities for aspiring artists.

LimeWire Agrees to Pay $105 Million to Record Labels [PCWorld]