Fed Must Give Bloomberg, Fox Bailout Info: 2nd Circ.

By Melissa Lipman

Law360, New York (March 19, 2010, 6:50 PM ET) -- The U.S. Court of Appeals for the Second Circuit ruled Friday that the Federal Reserve Board must turn over the names of banks participating in its emergency lending program to Bloomberg LP and Fox News Network LLC.

In two related cases, a three-judge panel rejected claims from the Board of Governors of the Federal Reserve System that the information the news organizations sought fell under the Freedom of Information Act's exemption for privileged or confidential trade secrets or financial information obtained from a third-party "person."...
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