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Weekly News Digest

October 13, 2003 — In addition to this week's NewsBreaks article and the monthly NewsLink Spotlight, Information Today, Inc. (ITI) offers Weekly News Digests that feature recent product news and company announcements. Watch for additional coverage to appear in the next print issue of Information Today. For other up-to-the-minute news, check out ITIís Twitter account: @ITINewsBreaks.

CLICK HERE to view more Weekly News Digest items.

Jury Awards $20 Million for Copyright Infringement

Legg Mason, Inc. announced that a federal district court jury in Baltimore found that Legg Mason had infringed the copyrights of Lowry's Reports, Inc., a newsletter covering stock market conditions, and ordered Legg Mason to pay Lowry's approximately $20 million. According to Lowry's, the heart of the infringement was Legg Mason's daily posting of Lowry's newsletter on its firm intranet, known as "Legg Works," where all of its brokers had access, and systematic circulation of electronic copies within a Legg Mason group that provides marketing strategy to brokers. Lowry's Report, Inc. is a six-person business located in Florida that publishes a U.S. stock market analysis written by its longtime owner Paul Desmond.

In a press release, Legg Mason expressed its shock at the extent of the damages awarded to Lowry's by the jury and its belief that those damages are grossly excessive. Legg Mason said that over the course of the next few weeks, it will aggressively pursue all options to protect the interests of its stockholders. Legg Mason, Inc., headquartered in Baltimore, is a holding company that provides asset management, securities brokerage, investment banking, and related financial services through its subsidiaries.

Sources: Legg Mason, Inc. and Lowry's Reports, Inc.



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