|Weekly News Digest
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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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