Capital Records v. Thomas-Rasset has been a very closely followed lawsuit to say the least.  It demonstrated one of the largest verdicts in a copyright infrignement case, and was the most high profile with respect to Peer to Peer file sharing against an individual.

Judge Davis based his decision upon standard principles of "remittitur",  Davis indicated that because the jury had determined the damages, his powers and jurisdiction was limited to the maximum amount a jury could reasonably award.

The RIAA has 7 days to decide whether to accept the reduced verdict, or to request a new trial.  It will be an interesting decision for the RIAA, as they have the expense of a whole new trial, or accept what could amount to legal precedence for the limit on a reasonable award for copyright infringement for P2P file sharing.