Daniel v. Dow Jones & Co.

137 Misc. 2d 94, 520 N.Y.S.2d 334 (1987)

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Daniel v. Dow Jones & Co.

New York City Civil Court
137 Misc. 2d 94, 520 N.Y.S.2d 334 (1987)

Facts

In September 1986, Elridge Daniel (plaintiff), a securities investor, subscribed to an interactive, computer news-delivery service offered by Dow Jones & Co. (Dow Jones) (defendant). The service relied on emerging technology that utilized computer-to-computer connections using modems and telephone lines. A subscriber to Dow Jones’s service could connect to Dow Jones’s computers and send requests for various kinds of news articles, and the service would then send the requested articles to the subscriber. The service cost $3 per minute of use. At some point, Daniel used the service to access a news article that described the restructuring of Husky Oil, a Canadian company. The article did not mention that the monetary amounts described were in Canadian dollars rather than United States dollars. Based on the information in the article, Daniel made investment decisions that were ultimately negative for him. Daniel sued Dow Jones for negligently publishing false and misleading statements, claiming that Dow Jones was liable for Daniel’s losses. Dow Jones moved to dismiss the complaint for failure to state a cause of action.

Rule of Law

Issue

Holding and Reasoning (Friedman, J.)

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