MP3.com shares jump

Wednesday June 07 by Claudia bourneusatoday
Shares of MP3.com (MPPP) rose as much as 40% on reports that the Internet music company is close to settling a copyright infringement lawsuit brought by the major record labels that will allow it to license their music. The stock rose $3 to $14.63 in midafternoon trading of 2.74 million shares, more than twice the three-month daily average of 978,300. The stock earlier touched $16.25. MP3 has been discussing a settlement with the music companies, especially after a federal judge ruled in April that it's infringing on their copyrights through the My.MP3.com service, which lets computer users connect over the Internet to a library of 80,000 CDs. The Wall Street Journal said today that at least one of the five major labels, Time Warner's Warner Music Group, is close to an agreement in which MP3.com would pay damages and license its music. MP3.com is expected to pay Warner Music between $15 million and $20 million to settle the lawsuit.





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