A federal district court judge in Maryland refused Wednesday to reduce the nearly $20 million award that financial services firm Legg Mason was ordered to pay last year for infringing on the copyright of a financial newsletter publisher. The judge also granted a permanent injunction to prevent Legg Mason from redistributing stock exchange reports by Lowry’s Reports.

Legg Mason had argued in post-trial motions that the $19.7 million awarded last year was “disproportionate” and said damages amounted to only $59,000.

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