The world’s largest stream-ripping site, Youtube-mp3.org, will be shut down due to a lawsuit between major music labels and site owner Philip Matesanz’s company PMD Technologie UG.

UMG, Sony Music, and Warner Bros, amongst other labels, did the dirty last year when they took out a 35 million British Pound (that’s over $57 million Australian dollarydoos) against the owner of the German-based site in a federal court in LA.  Youtube-mp3.org is allegedly responsible for more than 40 per cent of all music ripped from YouTube. Sheeesh.

According to The Verge, Matesanz has agreed to transfer the domain to a party representing the labels and to pay an undisclosed settlement fee.

At the time of writing, the site is still live. But with final judgement to be signed by courts soon, and the website being declared the ‘most aggresive’ form of music piracy, we can’t see it going anywhere but down.