Mygazines.com Web Site Shut Down

NEW YORK (AP) - The Web site Mygazines.com is going away. Butthe site says it was because of money problems, not because of the copyright infringement lawsuit filed against it. The site used to
encourage people to copy and upload current issues of popular magazines. The closing of the site comes weeks after it settled a copyright-infringement lawsuit filed by leading magazine publishers including Hearst, Time, Advance Magazine Publishers, Forbes and McGraw-Hill. Terms of the settlement weren’t disclosed. But when the site stopped operations, it posted a note saying “monetary reasons and the state of the global economy” as the reason. Legal experts said Mygazine.com flagrantly violated copyright laws. It was first thought that it would be hard to close down the site because it was run by an offshore company. But magazine publishers have since traced the site to a Toronto resident.