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Money Management Executive

Legg Mason Ordered to Pay $20M in Copyright Suit

October 07, 2003, 1:00 a.m. EDT 1 Min Read

A Baltimore court has ordered Legg Mason to pay newsletter publisher Lowry’s Reports $20 million for sharing one paid $700 subscription to Lowry’s Market Trend Analysis with more than 1,300 employees over the company’s intranet, Reuters reports.

Paul Desmond, president of Lowry’s, told Reuters he was very pleased with the jury award, which represented $800,000 in lost subscription fees and $19 million in copyright damages. A Legg Mason spokeswoman called the award shocking and "grossly excessive," but declined to say whether or not the firm will appeal. However, the company did say it expects to take a $17.5 million pre-tax charge for its fiscal second quarter ended Sept. 30.

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