(The Recording Industry Association of America (RIAA) is a trust that represents the recording industry distributors in the United States. Its members consist of record labels and distributors, which the RIAA say "create, manufacture and/or distribute approximately 85% of all legitimate sound recordings produced and sold in the United States".)
Will this stop illegal file sharing all together? Hell no.
This lawsuit will obviously hurt LimeWire in continuing with their service, especially the paying customers of LimeWire Pro.
RIAA has been fighting all kinds of lawsuits against piracy, and has been successful, but the time it took them to finally get the servers shut down, various new services arise to piraters. P2P networks and torrent sites are still alive and online of course and the individually targeting each individual site will never work.
Lately I've been able to still connect to the LimeWire ultrapeers using other P2P software such as "Cabos" which is completely free to download. I think they just put a hold on their website that is distributing their LimeWire software.
LimeWire is going to suffer chapter 7 and chapter 11 Bankruptcy.
Piracy can never be stopped.