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Barclays Capital Inc. v. Theflyonthewall.com
United States Court of Appeals for the Second Circuit
650 F.3d 876 (2011)
Barclays Capital Inc. (Barclays) (plaintiff) conducted market research and sold its findings to subscribers. Barclays released buy, sell, or hold recommendations to its subscribers prior to the stock market’s opening each day. Barclays then released its recommendations to the public after the market opened. This strategy gave an advantage to Barclays’s paying subscribers. Theflyonthewall.com (Fly) (defendant) obtained Barclays’s recommendations and disseminated them to the public prior to the market opening. Fly attributed the recommendations to Barclays. Barclays brought suit against Fly for misappropriation. The district court granted Barclays an injunction, preventing Fly from releasing the information until 30 minutes before the stock market’s opening. Fly appealed.
Rule of Law
Holding and Reasoning (Sack, J.)
Concurrence (Raggi, J.)
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