The long-running case has been in the courts for over a year as the Recording Industry Association of America (RIAA), a group that represents 13 labels including Warner and Sony music, sued the service for breaching copyright.
At one point, the RIAA estimated that it was owed $75 trillion dollars, equating to compensation for each time a song was shared and re-shared over LimeWire.
LimeWire was ordered to close in October 2010, when it was ruled that the company and its founder, Mark Gorton, were liable for damages for allowing users to pirate digital recordings.
The RIAA's CEO, Mitch Bainwol, took the opportunity to stick the boot in, saying, "We are pleased to have reached a large monetary settlement.”
"Designing and operating services to profit from the theft of the world's greatest music comes with a stiff price.”
While the RIAA is obviously pleased with the outcome, LimeWire is just glad that it's all over.
A statement from its law firm reads, "Lime Wire and its founder, Mark Gorton, are pleased that this case has concluded."
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