Federal Judge Rules Theflyonthewall.com Misappropriated Investment Bank Recommendations (MS, BCS)
Posted in: Contracts, Intraday Update
A federal judge ruled today that financial news site, Theflyonthewall.com misappropriated "time-sensitive recommendations," of several investment banks, including Barclays (NYSE: BCS), Merrill Lynch, and Morgan Stanley (NYSE: MS). The web site had disseminated analyst ratings changes sometimes within 60 seconds of when clients received the information.
As part of the judge's decision, the Fly will be prevented from releasing pre-market analysts' recommendations for up to a half hour after the opening of the New York Stock Exchange. As a result of the decision, the Fly was ordered to pay damages of $6,750 to Barclays (BCS) and $6,000 to Morgan Stanley (MS).
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