Bloomberg Opposes Fed's Request For Stay In FOIA Case
October 05 2009 - 6:09PM
Dow Jones News
Bloomberg News filed a brief with the U.S. Second Circuit Court
of Appeals on Monday opposing the U.S. Federal Reserve's request
for a stay delaying the release of public records containing
information about banks' lending activities during the financial
crisis.
The Fed filed for a notice of appeal and requested an emergency
stay last week, arguing that disclosing records containing
sensitive lending information could cause "irreparable harm" to the
financial institutions who borrowed money.
Bloomberg sued in November 2008 after the Fed withheld requested
records from the Federal Reserve Bank of New York, arguing the
regional banks' records were exempt from the Freedom of Information
Act. The public records request asked for information from April
and May 2008, revealing which financial institutions borrowed money
from the Fed's discount window and primary-dealer credit facility
and what they pledged as collateral for the loans.
The Southern District Court of New York ruled in favor of
Bloomberg in August and ordered the Fed to disclose the withheld
records. Two days later, the Fed filed for a temporary stay pending
appeal, which the district court granted.
Both Fox News Network LLC and Dow Jones & Co. made similar
public-record requests, which were denied. News Corp. (NWS,NWSA)
owns both Fox News and Dow Jones, publisher of this newswire.
-By Kristina Peterson, Dow Jones Newswires; 202-862-6619;
kristina.peterson@dowjones.com
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