Until March, Theflyonthewall.com posted research reports and press releases on its website, usually minutes before the banks the headlines came from were even shared the reports with their clients.
In March however, U.S. District Judge Denise Cote ruled that the site “engaged in systematic misappropriation,”, making money and getting a “free ride” from analyst moves which usually move stock prices positively or negatively.
The banks that brought the case were Merrill Lynch, Barclays and Morgan Stanley which also tried to ban the site from using their research reports.
However, TFOTW’s appeal has gained some legs today, with both Google and Twitter backing the site, saying blocking immediate news dissemination is “obsolete” and “wrong.”
Reads the filing: “News reporting always has been a complex ecosystem, where what is ‘news’ is often driven by certain influential news organizations, with others republishing or broadcasting those facts — all to the benefit of the public.”
Both companies say if the court’s decision is upheld, the banks will go after other sites that offer real-time news updates in the financial markets.
Result for: dissemination
Citing “minor input” from the MPAA and RIAA, the Los Angeles County government has now added piracy to its definition of “public nuisance”, meaning all properties used in the dissemination of counterfeit goods can now be seized.
Physically pirated goods, such as bootleg DVDs or CDs, are now considered to be the same as counterfeit watches or handbags.
This new so called “Counterfeit Goods Nuisance Abatement ordinance” says that the counterfeit goods “substantially interfere with … lawful commerce in the county, property values, and is detrimental to the public health, safety, and welfare of the county’s citizens, its businesses, and its visitors.”
Any property owner that knowingly allows piracy on their premises can be held responsible to pay $1000 USD for every, yes every, pirated work produced. The district attorney can also “temporarily restrain, preliminarily enjoin, and/or permanently enjoin the person or persons intentionally conducting, or knowingly maintaining or permitting the public nuisance from further conducting, maintaining, or permitting such public nuisance.”
The ordinance is similar to that of the recent one passed in New York City but this ordinance does not seem to bother those who upload or download pirated movies and music from the Internet.
