Sony Music and Capitol Records were among several record labels that brought the lawsuit nearly a year ago, alleging that YouTube-MP3 was “designed to infringe and facilitate the infringement of copyrighted sound recordings that are available on YouTube”.
While the details are not public, the settlement asks that the court rule in favour of the record labels, alongside a cash settlement from YouTube-MP3 owner Philip Matesanz.
The settlement also included an injunction, which prohibits Matesanz from operating any service that facilitates “streamripping” as well as any other type of copyright infringement. The site will also be transferred to one of the record labels as part of the agreement.
The domain will be seized if Matesanz fails to comply with the order.
The court has yet to sign off on the proposed settlement and at the site continues to remain online.