The Second Circuit Court of Appeals today handed Theflyonthewall.com a complete victory in its long running battle with the investment firms Barclays Capital, Merrill Lynch, and Morgan Stanley, that sought to enjoin Theflyonthewall.com from reporting “hot news” to its subscribers relating to the investment firms’ recommendations to their own subscribers. The Second Circuit had previously stayed the injunction issued against Theflyonthewall.com, but today the Second Circuit unanimously reversed the district court opinion in a sweeping 71 page opinion that will define the dissemination of hot news in the digital era. Glenn Ostrager, lead counsel for Theflyonthewall.com, stated that "the case was among the most challenging cases I have ever handled because of the enormous legal resources the investment firms drew upon to prosecute the case”. Nevertheless, Ostrager said that he always believed in the merits of the case and he is gratified that the Second Circuit has written a definitive opinion clarifying the law in this area. Theflyonthewall.com will continue to publish its daily news feeds.
- Second Circuit
- Merrill Lynch
- Second Circuit Court of Appeals