LimeWire, the company behind the once, widely popular file sharing software by the same name has made an out-of-court settlement with the record labels who sued it earlier by alleging it to be a promoter of music piracy.
According to the agreement reached by both sides, LimeWire will be paying a hefty compensation fee of $105 Million (£64.6 Million) to all the thirteen complainant music firms.
Much to the relief of the now closed down company, the figure is way less than what it possibly would have been had the legal battle continued and the Recording Industry Association of America (RIAA), the representative body of the complainants, won.
"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," Mitch Bainwol, chairman of the RIAA, said in statement.
He added, "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.”
Earlier in October, last year, another ruling on the same case enforced an effective shut-down of the company, as well as an official ban on the software.