This is good news for me, and I agree it doesn't go far enough. Having a private, for-profit company being the main world-wide source of work-related reputation sounds like a "What could possibly go wrong?" scenario to me.

Their spam has caused annoyance for me since a long time. I handle several email addresses, many are contact points for teams of volunteers I'm part of. All of them got spammed by linkedin at some point, then spammed again with aggressive reminders. The people that triggered the spam run were always sorry and helpless, even to the point of being unable to cancel the invitation and avoid the reminders being sent.
My experience is that after contacting LinkedIn and getting assertive enough with them, I've been offered to add my email address(es) to a blacklist that won't get any email from them ever again. While I enjoyed the opportunity to say "I don't want my reputation to be tied to a company of ruthless spammers like you are", opt-out spam is still spam, and nonconsensual spamming of user contact lists is still nonconsensual.

I really wish the lawsuit to succeed.