MPAA, RIAA squeeze $115 million out of Sharman

The music and movie industries have settled a lawsuit against Sharman Networks, the Australia-based company behind the filesharing service Kazaa.

The settlement (...) concludes years of litigation against a company that studios and labels claim was responsible for massive copyright infringement. Kazaa, like Napster before it, had been emblematic of music and film piracy to computer users worldwide.

Under the terms of the settlement, Kazaa will introduce filtering technologies to ensure that users can no longer share copyrighted music, film or software files. Sharman will also pay $115 million to the recording industry, according to sources familiar with the negotiations. Future payments to the film and software industries may be forthcoming.

Link to Los Angeles Times story.