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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared Insurer targeted HIV patients to drop coverage 17 Mar 2010 Brewing tensions between the Tea Party and GOP 11:13am EDT New password-stealing virus targets Facebook 17 Mar 2010 Democratic Sen. Barbara Boxer at risk in election: poll 12:11pm EDT At 76, Steinem laments elusive equality for women 17 Mar 2010 New password-stealing virus targets Facebook 17 Mar 2010 Insurer targeted HIV patients to drop coverage 17 Mar 2010 New password-stealing virus targets Facebook users 17 Mar 2010 Brewing tensions between the Tea Party and GOP 11:13am EDT Democratic Sen. Barbara Boxer at risk in election: poll 12:11pm EDT Website's instant posts of Wall St research banned Jonathan Stempel and Grant McCool NEW YORK Thu Mar 18, 2010 4:08pm EDT Related News UPDATE 2-Website's instant posts of Wall St research banned 4:06pm EDT NEW YORK (Reuters) - A Manhattan federal judge on Thursday barred the financial news service Theflyonthewall.com from issuing immediate news about Wall Street analyst recommendations, often before the research is shared with clients. Technology | Media Ruling in favor of Bank of America Corp's Merrill Lynch unit, Barclays Plc and Morgan Stanley, U.S. District Judge Denise Cote said Theflyonthewall.com engaged in "systematic misappropriation," essentially getting a "free ride" from its quick publication of upgrades and downgrades that can move stocks higher and lower. Cote issued a permanent injunction requiring the 30-employee, Summit, New Jersey-based company to wait until 10 a.m. to report research that was issued before the market opens, and at least two hours for research issued thereafter. While the banks had sought longer delays, Cote said: "This time frame preserves incentives for the firms to create and disseminate research reports to their investor clients, while still recognizing the inevitable, fast-moving, and widespread informal communication of recommendation on Wall Street." The judge also ordered Theflyonthewall.com to pay $12,750 in damages. Glenn Ostrager, a lawyer representing Theflyonthewall.com, and R. Bruce Rich, a lawyer representing the banks, did not immediately return calls seeking comment. Merrill spokesman Bill Halldin called the ruling a "milestone in regaining control over the distribution of our proprietary research and preserving the value of our investment ideas for our clients." Morgan Stanley spokeswoman Carissa Ramirez said the ruling "recognizes and protects each bank's intellectual property." Barclays had no immediate comment. Lehman Brothers Holdings Inc had been one of the plaintiffs when the lawsuit was filed in 2006. Barclays took its place when it bought much of that bank's operations. It was not immediately clear how the 89-page ruling might affect the ability of real-time financial news providers such as Thomson Reuters, Dow Jones Newswires and Bloomberg LP to tell clients of potentially market-moving research. The judge noted that Merrill Lynch and Morgan Stanley have already taken steps to limit or delay the media's ability to obtain analyst research. Other banks have acted similarly. EXCLUSIVITY MATTERS In her opinion, Cote said the value of analyst research derives not just from its quality, but also from its "exclusivity and timeliness." She rejected Theflyonthewall.com's objection to any contention that it "free-rides" on banks' research efforts, saying the company makes no effort to produce the recommendations or contribute to the underlying analyses. The judge also said Theflyonthewall.com's "illegal conduct" cannot be excused because rivals might also engage in unlawful behavior. "While it may be true that Fly is a news aggregator and is in direct competition with other financial news aggregators, both large and small, each of these news aggregators is in direct competition with the firms when they report the firms' recommendations in a timely and systematic manner such that the firms are deprived of the opportunity to communicate them first-hand to their clients," she wrote. According to the opinion, Theflyonthewall.com said the lawsuit forced a big change in how it gathers recommendations, such that it now engages often in "confirming" the substance of research with two or three sources before publishing -- still, typically, before the market opens. Noting also that some firms have cut their research staffs, Cote also advanced a public policy argument that might favor the encouragement of banks' research efforts through limiting TheFlyonthewall.com's distribution. "A balance must be struck between establishing rewards to stimulate socially useful efforts on the one hand, and permitting maximum access to the fruits of those efforts to facilitate still further innovation and progress," she wrote. While noting that the 2003 global research analyst settlement, the availability of discount electronic trading platforms, and the financial crisis might have hurt the banks," these other events aside, the misappropriation of their recommendations by Fly and others has also had a profound effect on their business model," Cote said. The case is Barclays Capital et al v Theflyonthewall.com, U.S. District Court, Southern District of New York, No. 06-04908. (Reporting by Jonathan Stempel and Grant McCool; Editing by Leslie Gevirtz and Richard Chang) Technology Media Add a Comment More from Reuters Special Report: Tea Partiers vs. Republicans Tea Partiers want it known that they are not Republican Party lapdogs, but are they a fringe movement or a sleeping giant, awakened? Full Article CBO: Health bill to cut deficit Democrats predicted weekend passage of a sweeping healthcare overhaul that budget analysts say would hit fiscal targets and cut the deficit. Full Article CBO's score: A poor track record Document: The CBO report Health expenditure around the world Healthcare Reform Adoration is not a strategy A graduate student has Wall Street buzzing after offering some straight-shooting advice on investing in Warren Buffett’s empire. Full Article Warren Buffett gets pay rise Factbox: Top 20 richest people Berkshire Hathaway © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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