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Grooveshark's Copyright Settlement With Labels Cost It $50M

Law360, New York (May 1, 2015, 2:55 PM EDT) -- The formal paperwork in Grooveshark's copyright settlement with the record labels was filed in New York federal court on Friday, and it revealed that the online music service agreed to pay $50 million to avoid the risk of a jury verdict that could have reached $736 million.

Online music service Grooveshark agreed to shut down Thursday after years of litigation with record labels, including Warner Music Group, Universal Music Group and Sony Music Entertainment, to avoid a looming jury verdict that could have left the startup owing $736 million in copyright infringement damages. (Credit: Getty) The filing came hours after Grooveshark...

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