's lawyer Glenn Ostrager explains why the banks (BCS, BAC, MS) took on his...'s lawyer Glenn Ostrager explains why the banks (BCS, BAC, MS) took on his firm, when much bigger fish (Reuters, Dow Jones, Bloomberg...) regularly regurgitate sell-side research: "The plaintiffs' plan is to select probably one of, if not the, smallest player on the Street, with the most limited resources, and pursue this claim so that they then, with that advantage, can go to Bloomberg and others."

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Comments (3)
  • lower98th
    , contributor
    Comments (1411) | Send Message
    A published upgrade or downgrade, even if closely distributed, is no longer non-public. Its a Freedom of Speech issue, and its selective censorship.
    19 Mar 2010, 07:33 AM Reply Like
  • lower98th
    , contributor
    Comments (1411) | Send Message
    I'm sure that is the point that will be argued: What do you classify sending something in print (or e print) to dozens or hundreds of people? Can the sender limit the speech of the receivers?


    And what other types of selectively disseminated research can be restricted: approaching Hurricanes? Disease?
    19 Mar 2010, 08:50 AM Reply Like
  • David Mirchin
    , contributor
    Comment (1) | Send Message
    I found particularly interesting the judge's view that Barclays, Merrill Lynch and Morgan Stanley needed to show that they are enforcing their policy against all news outlets. Barclays and the others are not governmental agencies, and are not required to show that they are "enforcing the law" equally. A private party has a right to choose to sue some defendants, and not others. But in this case, the judge's point is well-founded: if the argument of Barclays is that this is truly information which draws its value from not being publicly disseminated, then it must enforce this against all meaningful disseminators. If it does not do this, then their argument is actually baseless.
    22 Mar 2010, 05:44 PM Reply Like
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