Wall Street Banks Lose Court Injunction on Hot News Ban

A federal appeals court in New York has put on hold a ban on financial news service Theflyonthewall.com from quickly reporting “hot news” about analyst research from three Wall Street banks. The ruling by the U.S. Second Circuit Court of Appeals is a defeat for Bank of America’s (BAC) Merrill Lynch unit, Barclays (BCS) and Morgan Stanley (MS).

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