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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared Polar bear, bluefin tuna trade bans rejected | Video 18 Mar 2010 New password-stealing virus targets Facebook 17 Mar 2010 Viacom, Google accuse other of YouTube hypocrisy 18 Mar 2010 Once bitten by Apple, telcos warier with iPad 18 Mar 2010 The "Oscar curse," real or Hollywood invention? 18 Mar 2010 New password-stealing virus targets Facebook 17 Mar 2010 Netanyahu, Clinton talk after settlement crisis 18 Mar 2010 Female porn director swaps sex for British politics 15 Mar 2010 Polar bear, bluefin tuna trade bans rejected | Video 18 Mar 2010 Indonesian Bumi-linked group lifts stake in Newmont jv 18 Mar 2010 Website's instant posts of Wall Street research banned Jonathan Stempel and Grant McCool NEW YORK Thu Mar 18, 2010 9:38pm EDT Related News Website's instant posts of Wall Street research banned Thu, Mar 18 2010 UPDATE 4-Website's instant posts of Wall St research banned Thu, Mar 18 2010 AIG's Greenberg to testify Wednesday on Gen Re Mon, Mar 8 2010 NEW YORK (Reuters) - A Manhattan federal judge on Thursday barred the financial news service Theflyonthewall.com from issuing immediate news about analyst research from several Wall Street banks, often before recommendations are 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 Summit, New Jersey-based company to wait until 10 a.m. to report research from the three banks that was issued before the market opens, and at least two hours for research issued thereafter. The bulk of research is typically issued before the open. 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." Cote added she could not excuse Theflyonthewall.com's activities simply because recommendations are also reported by many rivals, or are otherwise leaked or rumored. "The legally salient fact ... is that Fly is exploiting its self-described 'hefty relationships with people in the know,'" she wrote. The judge said Theflyonthewall.com may apply in one year to lift the injunction if the banks do not take reasonable steps to halt the unauthorized distribution of research. According to the opinion, Theflyonthewall.com said the lawsuit has forced it to ritualistically engage in "confirming" the substance of research with two or three sources before publishing -- still, typically, before the market opens. The company has about 30 employees. It charges $50 a month, or $480 annually, for its services, its website shows. Glenn Ostrager, a lawyer representing Theflyonthewall.com, said the ruling is "at variance with existing law." He said his client will appeal to the Second Circuit Court of Appeals, and expects the financial press to "vigorously support" an appeal. WIDER IMPACT? Like many rivals, Theflyonthewall.com typically posts headlines from research reports and press releases, and longer summaries when available. It was not immediately clear how the 89-page ruling might affect the ability of real-time financial news providers such as Thomson Reuters, Bloomberg LP and News Corp's Dow Jones Newswires to tell clients of potentially market-moving research. Thomson Reuters spokeswoman Erin Kurtz and Bloomberg spokeswoman Judith Czelusniak declined to comment. A Dow Jones representative had no immediate comment. The banks welcomed the ruling. Merrill spokesman Bill Halldin called it a "milestone in regaining control over the distribution of our proprietary research and preserving the value of our investment ideas for our clients." Barclays spokesman Mark Lane and Morgan Stanley spokeswoman Carissa Ramirez said the ruling shows the importance of protecting intellectual property. 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. 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 said Theflyonthewall.com "free-rides" on banks' research efforts because it make no effort to produce the recommendations or contribute to the underlying analyses. The judge also said such "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. While noting the 2003 global research analyst settlement, the availability of discount electronic trading platforms, and the financial crisis might have hurt the banks, resulting in reduced staff, Cote said "these other events aside, the misappropriation of their recommendations by Fly and others has also had a profound effect on their business model." She also advanced a public policy argument for her ruling. "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. 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, Richard Chang, Andre Grenon and Carol Bishopric) 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 Organic a tough slog in China After incidents of melamine-tainted milk to toxic cowpeas, selling organic food to the Chinese is not an easy business. Full Article Organic foods finding a niche China food security depends on policy Food execs won't give up fried chicken Food and Agriculture Summit Once bitten, twice shy of Apple European carriers sacrificed profits to carry the iPhone. They won't make that same mistake with the iPad. Full Article Advertising and the iPad Apple director Jerry York dies technology © 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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