Fighting music piracy in the courts has turned into a hopeless money drain for the labels. It turns out that the legal costs of chasing down music pirates is exceeding the benefits, as some have previously suggested it might. EMI this week said that despite its prior threats to resign completely from the London-based trade association IFPI, it will stay on as a supporter but substantially cut its contributions to IFPI’s fund for antipiracy initiatives. The four major labels reportedly spent over $130 million last year to fight piracy through the IFPI, the RIAA and other industry associations. Ironic, isn’t it that it was the labels’ once seemingly unlimited coffers to finance legal actions – that did in Napster, Sharman…