Stock Watch: MP3.com Rises on Legal Settlement

Digital music provider MP3.com (Nasdaq: MPPP) rose 1 19/32 to 9 11/32 Tuesday following news that the company had settled a copyright infringement lawsuit brought by Sony Music Entertainment.

The suit alleged that MP3.com’s My.MP3.com personal digital music locker system used Sony copyrighted works without payment to the copyright owners. Under the settlement, MP3.com agreed to pay Sony for the alleged infringements and entered into a non-exclusive, North American licensing agreement to use Sony recordings.

“This settlement affirms and upholds the right of copyright owners to be paid for the use of their works on the Internet,” said Sony senior vice president Al Smith.

Based in San Diego, California, MP3.com hosts a music collection offering users “anytime, anywhere” access to digital recordings via Web-enabled devices.

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