Linked by Thom Holwerda on Wed 23rd Mar 2011 22:16 UTC
Legal "Does $75 trillion even exist? The thirteen record companies that are suing file-sharing company Lime Wire for copyright infringement certainly thought so. When they won a summary judgment ruling last May they demanded damages that could reach this mind-boggling amount, which is more than five times the national debt. Manhattan federal district court judge Kimba Wood, however, saw things differently. She labeled the record companies' damages request 'absurd' and contrary to copyright laws in a 14-page opinion." Wait, this is only five time the US national debt? Fascinating.
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National debt?
by re_re on Wed 23rd Mar 2011 23:20 UTC
re_re
Member since:
2005-07-06

I don't believe $75 trillion does exist world wide...... however if it did, and limewire had it...... the US government should impose a 50% lawsuit tax on the music industry and pay off the national debt lol.

Reply Score: 8

RE: National debt?
by umccullough on Thu 24th Mar 2011 01:16 in reply to "National debt?"
umccullough Member since:
2006-01-26

I don't believe $75 trillion does exist world wide...... however if it did, and limewire had it...... the US government should impose a 50% lawsuit tax on the music industry and pay off the national debt lol.


You know, it only just occurred to me to look that up.

Apparently "compensatory" lawsuit awards are not taxable? WTF?!

Now I'm starting to understand why they love this business model so much.

Reply Parent Score: 5

RE[2]: National debt?
by JAlexoid on Thu 24th Mar 2011 03:18 in reply to "RE: National debt?"
JAlexoid Member since:
2009-05-19

You know, it only just occurred to me to look that up.

Apparently "compensatory" lawsuit awards are not taxable? WTF?!

Now I'm starting to understand why they love this business model so much.


Nice... Something tells me that they don't use post tax values when calculating damages.

Reply Parent Score: 2

RE[2]: National debt?
by looncraz on Thu 24th Mar 2011 04:55 in reply to "RE: National debt?"
looncraz Member since:
2005-07-24

It makes perfect sense to not tax compensatory lawsuits.

This is NOT a compensatory lawsuit, if I'm not mistaken. I believe the figure would be considered punitive, and thus taxed at the highest rates.

--The loon

Reply Parent Score: 2