Legg Mason to Pay $20 Million For Illegal Distribution of Newsletter

(via Rex Hammock): A federal jury in Baltimore has levied a $20 million penalty against financial services firm Legg Mason for illegally distributing Lowry’s Market Trend Analysis, a daily e-mail commentary on the stock market.

During that time only three Legg Mason employees had paid the $700 annual subscription for the publication, but about a quarter of Legg Mason’s 5,300 employees received the newsletter.

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