Limewire Settles Out of Court For $105 Million

After being shutdown last year, file sharing service Limewire has settled out of court with four major music labels for a reported $105 million. This follows a similar settlement against Kazaa in 2006 for $115 million. The damages is for stolen media from the labels, including personal liability money from Limewire founder Mike Gorton.

RIAA chairman Mitch Bainwol released the following statement:

“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.” Bainwol continues, “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 is currently planning a legal relaunch that will allow users to stream and download apps and media with a number of different devices for a subscription fee.