Is this a scare tactic or something I have to worry about?
Additional Details:
My IP address has been implicated in the illegal downloading of the movie "Hurt Locker". A few months back I received a letter in the mail from my previous ISP stating that the US Copyright Group was seeking my contact info. Included with that letter was a subpoena from the law firm. A couple weeks ago, I received a letter directly from the law firm stating that if I did not settle for $2,000 by a specific date, I would be taken to court for somewhere between $30,000 & $150,000. There have been over 20,000 individuals involved in this lawsuit.
You have to worry about it. Apparently the illegal copying is directly related to a computer under your control. You should engage experienced intellectual property litigation counsel immediately.