The music industry wants LimeWire to pay up to US$75 trillion in damages after losing a copyright infringement claim. That's right . . . $75 trillion. Manhattan federal Judge Kimba Wood has labeled this request "absurd."

LimeWire will close for good on New Years Eve as it will shut its legitimate online music store permanently.

Less than a month after its "permanent shut down," LimeWire has been resurrected by an anonymous dev team -- and it's better and more powerful than before. Or, well, something like that.

In a major victory for the music industry, a New York federal judge has ordered embattled P2P software maker LimeWire to immediately and permanently stop distributing and supporting its file-sharing software.

In a rare break for LimeWire, the Federal Trade Commission (FTC) last week decided to drop its investigation into the embattled software company's controversial Peer-to-Peer file sharing software.

After a thorough pummeling by the music industry , peer-to-peer (P2P) file-sharing software vendor LimeWire Inc. will launch a subscription-based music service for consumers.

Beleaguered file-sharing software maker LimeWire LLC said it still hopes to settle a dispute with the Recording Industry Association of America (RIAA) even as a federal court in New York appears set to shutter the company for enabling copyright infringement.

Lime Wire and its former CEO are liable for the copyright infringement executed by its users, a New York federal judge said on Tuesday.

Lime Group Chairman Mark Gorton found himself in the hot seat last week during a hearing on the problem of inadvertent data leaks on peer-to-peer (P2P) networks including his company's, LimeWire. The hearing was held by the House Oversight and Government Reform Committee.