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Grokster Ltd, who had a P2P application named Grokster has agreed to shut down its distributing software that allows users to copy songs over the Internet.

According to the judgement passed by the U.S. Supreme Court, Grokster Ltd. have to pay $50 million to settle piracy complaints by Hollywood and the music industry.

Grokster’s website has this message displayed on it. However, they have mentioned that they are planning to roll out a legal P2P service, Grokster3G.