A Baltimore court has ordered Legg Mason to pay newsletter publisher Lowrys Reports $20 million for sharing one paid $700 subscription to Lowrys Market Trend Analysis with more than 1,300 employees over the companys intranet, Reuters reports.
Paul Desmond, president of Lowrys, 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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