Last week there were rumors of Google setting aside $500 million from YouTube sale as protection against possible copyright claims. These rumors were denied by Eric Schmidt, Google CEO during an appearance at an Internet conference. However, if reports by Associated Press are to be believed, the rumors are true.
"Google has set aside more than $200 million in its just-completed takeover of YouTube Inc. as a financial cushion to cover losses or possible legal bills for the frequent copyright violations on YouTube's video-sharing site. Without elaborating in a late Monday statement, Google said it is withholding 12.5 percent of the stock owed to YouTube for one year "to secure certain indemnification obligations."
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