GO
Loading...

Enter multiple symbols separated by commas

EMI and Bertelsmann Settle Napster Litigation

EMI and Bertelsmann have reached a settlement on litigation stemming from the German media company's investment in music file-sharing software company Napster, the two companies said Monday.

They did not release details of the agreement, which settles one of the numerous lawsuits targeting Napster.

Bertelsmann admitted no liability as part of the settlement.

"We are pleased to have reached this agreement with Bertelsmann," said Eric Nicoli, chief executive of EMI.

"We can now put this matter behind us and continue to pursue the development of new legitimate digital music business models."

The lawsuit stems from Bertelsmann's decision in 2000 to invest in Napster after the once wildly popular site was crippled by lawsuits seeking to shut down the network, which music companies accused of enabling users to steal music.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Hero miles for military members: Real estate magnate's plea

    Chairman of the Fisher House Foundation, Ken Fisher, discusses the Hero Miles program with CNBC's Dina Gusovsky. During Military Appreciation Month, Fisher is asking every traveler to donate 1,000 of their miles to replenish the Hero Miles programs that is in danger of running out.

  • Cramer shuts down this market's haters

    "Mad Money" host Jim Cramer on why this market can't stop, won't stop.

  • From the battlefield to the boardroom

    Your Grateful Nation is dedicated to helping Special Forces veterans enter the corporate world and Knot Standard provides complimentary suits to vets. Mad Money's Jim Cramer spoke with Rob Clapper, Your Grateful executive director; John Ballay, Knot Standard co-founder and president; Tej Gill, retired U.S. Navy Seal; and Darren McB, active duty U.S. Navy Seal.