Comment Relax but act (Score 1) 958
You are a manager, CYA is not an option for managers.
BSA lawyers are unlikely to come to your door. At 300 USD/hour, those who pay them, prefer that they send a letter first. Not a nice letter - I have read one a few years ago - that must be handled by the company lawyers. If that happens you will have to bargain with them (which they will do).
Before that happens, please realize that for obvious cost and speed reasons, software vendors prefer that you negotiate a settlement with their sales guys rather than through their lawyers. If you need their software, give them a call directly and you may actually end up paying less than if you had to buy everything from the catalog. Oracle has run "operations" like this, usually close to their financial year end (end of May) to help meet their sales targets.
Finally, if this had to go to court, an important factor (not sure in the US though) would be to show that you/the management honestly tried to immediately do something to fix the issue when you became aware of it.
So talk to your boss, do something and make sure you write emails about it.