Recording Industry Says LimeWire on Hook for $1 Billion; Wired.com, 6/8/10

David Kravets, Wired.com; Recording Industry Says LimeWire on Hook for $1 Billion:

"The record labels have told a federal judge LimeWire is liable for possibly “over a billion dollars” — the latest sign that the industry is seeking to annihilate the New York-based file sharing company.

The Recording Industry Association of America’s court filing Monday comes a week after the labels asked U.S. District Judge Kimba M. Wood to shutter LimeWire (.pdf). Weeks before, the New York judge ruled LimeWire’s users commit a “substantial amount of copyright infringement” (.pdf) and that the Lime Group, the company behind the application, “has not taken meaningful steps to mitigate infringement.”

“The amount of statutory damages awarded in this case easily could be in the hundreds of millions of dollars (if not over a billion dollars),” the RIAA wrote to Wood, in seeking a court order to freeze LimeWire’s assets (.pdf). The Napster case eventually settled for more than $300 million.

The RIAA’s latest court filings underscore that the record labels are seeking to shutter and financially decimate the company. Two weeks ago, Zeeshan Zaidi, LimeWire’s chief operating officer, said he was hoping to work out a licensing deal with the labels to enable them to sell their music on LimeWire’s online store.

The Copyright Act allows fines of up to $150,000 per infringement."

http://www.wired.com/threatlevel/2010/06/limewire-owes-billion/#ixzz0r8P4iVmj: