http://news.cnet.com/8301-1023_3-10437176-93.html

Months after Verizon Communications began issuing warnings to accused file sharers, the company has acknowledged that multiple offenses could result in a service interruption.

"We've cut some people off," Verizon Online spokeswoman Bobbi Henson told CNET. "We do reserve the right to discontinue service. But we don't throttle bandwidth like Comcast was doing. Verizon does not have bandwidth caps."
word to the wise, if you plan on torrenting make sure you take precautions, such as using block lists and a torrent client that use protocol encryption, and if possible get your torrents from a private tracker.

you might also seriously consider a proxy server while you're at it.