Index: src/org/openstreetmap/josm/gui/layer/markerlayer/Marker.java
===================================================================
--- src/org/openstreetmap/josm/gui/layer/markerlayer/Marker.java	(revision 474)
+++ src/org/openstreetmap/josm/gui/layer/markerlayer/Marker.java	(working copy)
@@ -87,7 +87,7 @@
 
 				// Try a relative file:// url, if the link is not in an URL-compatible form
 				if (relativePath != null && uri != null && !isWellFormedAddress(uri))
-					uri = new File(relativePath, uri).toURI().toString();
+					uri = new File(relativePath.getParentFile(), uri).toURI().toString();
 
 				if (uri == null)
 					return new Marker(wpt.latlon, wpt.getString("name"), wpt.getString("symbol"));