Hot News Misappropriation Injunction Issued Against TheFlyOnTheWall.com
In Barclays Capital Inc. v. TheFlyOnTheWall.com, 06 Civ. 4908 (S.D.N.Y. March 18, 2010), Judge Denise Cote issued a narrowly tailored injunction against republication of financial services firms stock recommendations. FlyOnTheWall.com (Fly) collected and published summaries of stock analyst reports within minutes after they were released by financial institutions to their clients. FlyOnTheWall sometimes included summaries of the research reports, but following commencement of the suit it only published headlines such as “EQIX: Equinox initiated with a Buy at BofA/Merrill.” Three financial institutions filed suit against Fly for hot news misappropriation and copyright infringement.