LimeWire Settles Infringement Claims for $105M; Recording Companies Initially Wanted $75T
The online file-sharing company LimeWire and its founder Mark Gorton have reached a $105 million settlement with major recording companies in the middle of a federal trial to determine damages for infringement.
At one time the recording companies had sought $75 trillion in damages, but Judge Kimba Wood had rejected that amount as “absurd,” the Am Law Daily reports. She had granted summary judgment for the companies and placed a ceiling of $1.5 billion on damages, the story says.
Gorton is also co-founder of a hedge fund with a reported $117 million in assets and has $100 million in an IRA account, according to CNet News and the New York Times Media Decoder blog.
ABAJournal.com: “Federal Judge Shuts Down LimeWire, Says P2P Site Aided ‘Massive’ Infringement”