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This is very similar to what the gun control loonies have been trying to do. ie: hold gun owners liable for guns used during a crime when the gun was stolen. http://www.boston.com/news/local/massachusetts/articles/2006/06/30/sjc_some_gun_owners_could_be_liable_for_firearms_stolen_in_home/
So far they've been meeting with limited success.
Usenet.com however may have a tougher battle, unless they do something to demonstrate their desire to disallow unlawful use of their servers.