A Baltimore court has reportedly 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.

The jury award 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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