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In its new privacy policy taking effect today, AT&T asserts for the first time that customers' personal data are "business records that are owned by AT&T" and that "AT&T may disclose such records to protect its legitimate business interests, safeguard others, or respond to legal process."

So does AT&T own your confidential info? Legal experts say yes. And no.

"Saying they own your information is vague and imprecise," said Eugene Volokh, a law professor at UCLA who focuses on privacy and intellectual property cases.