RIAA settles for less than trillions as Limewire shuts

P2P file-sharing outfit Limewire has made an out-of-court settlement with the recording studios, where it will pay $105 million for copyright infringement.

While this might seem a bit steep, it is not as bad as the $75 trillion dollars that the recording industry told the Judge it wanted.

However, Recording Industry Association of America Chairman Mitch Bainwol told The Washington Post that his group is pleased with the settlement.

It is not clear how the Lime Group, which ran LimeWire, will pay the money. It’s owned by Limewire founder Mark Gorton and it has been shut down since last year after being barred from allowing people to share copyright-protected files online.

Gorton is not short of a bob or two, even if he didn’t make much cash out of Limewire as he claimed.

During the case RIAA lawyers noted he possessed $100 million in an IRA account. His Manhattan home is worth more than $4 million. However in addition to Lime Wire, Gorton operates a hedge fund and a medical-software company.

In October, Limewire received a federal injunction forcing it to disable key functions of its software.

At the time, the outfit said it wanted to develop a new service that would include a desktop player, mobile apps and a catalog of music.

In December, Lime Group said it would shut down LimeWire completely due to its legal situation.

Either way it looks like this was a total victory for the RIAA.