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Wall Street Swats “Fly” With Infringement Suit

Law360 (June 27, 2006, 12:00 AM EDT) -- The brokerage units of three of the world’s largest securities firms—Merrill Lynch & Co., Morgan Stanley and Lehman Bros. Holdings Inc.—are taking Web site theflyonthewall.com to court, alleging that the online provider of financial news is infringing on the firms’ proprietary equity research.

The copyright infringement suit, filed earlier this week in the U.S. District Court for the Southern District of New York, accuses Fly of free-riding on the firms’ equity research by reproducing the companies’ market analysis reports online.

The New Jersey-based Fly aims to...
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