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A federal appeals court cleared the way Monday for a financial-news website to publish stock market analysts’ private buy and sell recommendations in near-real time, striking a blow to a century-old legal doctrine that gave media companies control over the time-sensitive news they report.
The 2nd U.S. Circuit Court of Appeals, though, found on appeal that Theflyonthewall was within its rights.
“We conclude that in this case, a firm’s ability to make news — by issuing a recommendation that is likely to affect the market price of a security — does not give rise to a right for it to control who breaks that news and how,” the appeals court ruled 3-0. The appellate court had stayed the lower court’s decision last year pending the outcome of oral arguments.