Website asks to lift Wall Street hot news ban

By @ibtimes on

Financial news service TheFlyonthewall.com has asked a U.S. federal judge to lift a ban on its reporting hot news about analyst research from three Wall Street banks, saying the ban has cost it subscribers and could threaten its survival.

In a filing with Manhattan federal court, TheFlyonthewall.com asked U.S. District Judge Denise Cote to halt her March 18 injunction covering research issued by Bank of America Corp's Merrill Lynch unit, Barclays Plc and Morgan Stanley while it appeals her March 18 ruling limiting its alleged hot news misappropriation.

Alternatively, the service requested that it be allowed to publish analyst research that is first published by a mainstream news service. It said these services include Bloomberg LP, CNBC television, Dow Jones Newswires, The New York Times, Thomson Reuters and The Wall Street Journal.

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; Editing by Lisa Von Ahn)

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