LIMEWIRE SETTLES TO PAY UP 105 MILLION DOLLARS!!!
The now-defunct peer-to-peer client Limewire agreed to pay the copyright watchdog RIAA the huge sum of $105 million.
That’s nothing when you consider they were initially sued for each song downloaded, which would have amounted to the ridiculous figure of $75 trillion. Obviously, no company on earth could afford to cough up that kind of money.
“We are pleased to have reached a large monetary settlement following the court’s finding that both Limewire and its founder Mark Gorton are personally liable for copyright infringement,” RIAA chairman Mitch Bainwol said in a statement. “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.”
Many in the industry have doubted if it’s even worth going after these types of companies, since a large portion of the settlements get eaten up by legal fees. The artists don’t end up seeing very much of the money won.
Do you think the settlement was too low, or not high enough?