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My take on it is that if a P2P company full out advertises sharing copywritten files or plays the Sgt Schultz act by saying "I see nutting!!" they will be libel.
I have a feeling that other P2P services will consult with lawyers and start putting legal disclaimers about not sharing copywritten material. It would be argued that all traffic would be impossible to monitor so the disclaimer may be all that is required.
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