EMI Music has settled the payola lawsuit brought by New York Attorney General Eliot Spitzer for $3.75 million dollars, ABC News has learned from music industry and law enforcement sources.

EMI is the last of the global music market's four major record labels -- Warner Music Group, Sony-BMG and Universal Music Group are the others -- to settle suits for exchanging cash, bribes and goods in exchange for increased airplay of the labels' stars on major radio stations. In May, Universal Music agreed to pay $12 million to charity -- the largest settlement by any of the labels. 

Warner Music Group and Sony-BMG made the first two settlements, Warner for $5 million and Sony-BMG for $10 million.

The suit alleged that the "Big Four" deceived consumers into thinking music by popular artists was played based solely on popularity and not because of promotional gifts, cash contributions and barter for services from the recording companies to the radio conglomerates and to individual stations and station managers.

EMI's penalty appears slightly higher, proportionate to market share than either Sony-BMG's or Universal's. The Universal Music Group and Sony-BMG settlements were roughly in proportion to the companies' share of the recording industry market where Sony holds a 23.3 percent share and Universal a 31.6 percent share. Warner Music's penalty was disproportionately low when based on its market share of 18.1 percent. Warner was the first recording company to settle. EMI was the final holdout.

A related FCC payola investigation, first reported by ABC News Chief Investigative Correspondent Brian Ross, is ongoing. That probe is seeking to determine the role of the nation's largest radio stations in encouraging questionable business practices.