osewalrus (osewalrus) wrote,

Link Harvest: Hot News Doctrine and The FLyonthewall.com Case

An excellent blog post examining the "hot news" doctrine, a doctrine that limits the ability to report breaking news. In a case now before the 2nd Circuit, investment houses sued flyonthewall.com for reading the reports developed by banking houses and reporting on their contents.

The problem is not copyright/derivative work, but whether reporting: "Investment firm said X" within minutes after investment firm publishes the report violates a 1918 Supreme Court case creating a "quasi-intellectual property right" in "hot news" (what we would now call breaking news). Here, the district court ordered flyonthewall.com to wait two hours before reporting on investment reports published by the plaintiffs.

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