Almost a year after it heard arguments in the case, the Second Circuit Court of Appeals has ruled that Wall Street analyst's buy and sell recommendations are legitimate news, and that financial and investment firms cannot prevent dissemination of these facts by a website, Theflyonethewall.com.
Showing posts with label Hot News. Show all posts
Showing posts with label Hot News. Show all posts
Aug 7, 2010
Second Circuit Abuzz About FlyontheWall Case
On Friday morning (Aug. 6), I attended oral argument before the Second Circuit Court of Appeals in Barclays Capital Inc. v. Theflyonthewall.com, Inc., No. 10-1372-cv (2d Cir.), an appeal of a permanent injunction and an award of $12,750 in statutory damages, plus interest and attorneys' fees, to three financial research firms against a website that charged subscribers for summaries of the firms' research reports, including recommendations to buy, sell or hold securities.
A primary topic of the argument -- which, although scheduled for 40 minutes, went on for more than twice that length of time -- was the viability of the "hot news" doctrine, which the district court applied to find that Theflyonthewall improperly undercut market for the financial firms' reports. The district court also found that the site violated the firms' copyrights.
A primary topic of the argument -- which, although scheduled for 40 minutes, went on for more than twice that length of time -- was the viability of the "hot news" doctrine, which the district court applied to find that Theflyonthewall improperly undercut market for the financial firms' reports. The district court also found that the site violated the firms' copyrights.
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