Agreement has been reached between EMI and Global Music One (GMO), the parent company of yourmobile.com, over the lawsuit issued by the music giant last week.
The lawsuit claimed that GMO had violated the copyright of 300 songs for which EMI own the copyright, and the music publishing giant was looking for damages of $45m.
Financial details of the settlement havve not yet been revealed.
Yourmobile.com allowed Internet users to download popular songs to their mobile phones as ring tunes. Over 30 million tunes have been downloaded from the site to date.
Full story to follow.