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The largest copyright class action in Canadian history received court approval yesterday, with the four major record labels that comprise the Canadian Recording Industry Association – EMI Music Canada Inc., Sony Music Entertainment Canada Inc., Universal Music Canada Inc. and Warner Music Canada Co. – agreeing to pay over $50 million to settle claims involving hundreds of thousands of copyright infringements. The labels admit no liability, though the $50 million settlement speaks for itself. The industry practices, which involved profiting from thousands of sound recordings without paying royalties, was described in the lawsuit as “exploit now, pay later if at all.” The settlement includes a new system for payment of royalties that should ensure that the situation does not repeat itself. I wrote about the class action here and here