2nd Circ. Favors Fly In Wall Street 'Hot News' Fight

Law360, New York (June 20, 2011, 6:44 PM EDT) -- The Second Circuit handed a victory Monday to financial news website Theflyonthewall.com Inc. in its long-running battle with Wall Street investment firms over the right to publish its daily news feeds on trading recommendations from the banks' research reports.

A three-judge panel found that the "hot news" misappropriation claim brought by Barclays Capital Inc., Merrill Lynch & Co. Inc. and Morgan Stanley against the website was preempted by the Copyright Act, effectively freeing Fly to quickly publish the investment firms' equity research recommendations before they have...
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