LimeWire is being sued by record companies for... SEVENTY FIVE TRILLION dollars!  http://www.law.com/jsp/cc/PubA....._Wire_Copyright_Case
To put that in perspective, here's an article that just shows what a single trillion dollars in $100 bills looks like:  http://www.dailycognition.com/.....in-dollar-bills.html  The record companies are demanding 75 times that!
This ridiculous number is of course predicated on the fallacy that every copy of every MP3 is a lost sale.  When you consider the population of the entire freakin' Earth, that $75 Trillion amounts to just under $12000 PER PERSON.  The record companies really believe that every person on the planet would've bought $12000 worth of music in the last ten years?

According to Bloglines.com, only about 4% of the world's population has access to the internet ( http://answers.bloglines.com/Finance/how_many_people_in_the_world_own_a_computer ), so if my math is right, that suggests that the average person who was able to downloaded music ripped off the record companies for 25 times that - $300,000.  Sounds reasonable...

The RIAA has claimed (ten years ago) that they lose over $4 Billion a year not including online piracy!  http://www.azoz.com/music/features/0008.html
Of course, as pointed out in the linked article, it took them the entire 90's to earn $4 Billion in revenue.  So they must be assuming that online piracy is more rampant than offline sharing, say by a factor of 100-to-1.  That's $4 Trillion a year.  
LimeWire became relevant in 2004.  2011-2004=6
6 * $4 Trillion = $24 Trillion.
Dang, even with completely far fetched made up numbers I can't come close to their $75 Trillion.  Whatever they're smoking, I'm sure they wouldn't want to share that either.