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No, not really. If it was up to me in a jury-based system I'd go for x3 value. The issue is "statutory damages", not "jury-based". When you can ask for that kind of amount in the first place, and the minimum is already very high...
Also "reasonable" out of court settlement again depends on your definition of reasonable. Again, under current UK law you're looking at, usually, valuex3+costs, which is far less than the American settlements (And one major reason we've seen far less lawsuits of that nature over here).
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