Webcaster Settlement Act of 2008 - Allows a receiving agent (designated by the Librarian of Congress to collect royalties that ultimately are disbursed to sound recording copyright owners and performers) to enter into agreements with webcasters that establish royalty terms for the performance of sound recordings over the Internet. Provides that such agreements, which may be effective for a period of up to 11 years following January 1, 2005, are to be binding on all copyright owners of sound recordings and other persons entitled to payment, in lieu of any determination of compulsory license rates by the Copyright Royalty Judges.
Terminates the authority to negotiate settlement agreements under this Act on February 15, 2009.
Declares that nothing in this Act (or any agreement entered into under this Act) shall be taken into account by the U.S. Court of Appeals for the District of Columbia Circuit in its review of the May 1, 2007, determination of royalty rates by the Copyright Royalty Judges.