HOT NEWS MISAPPROPRIATION - CONFIDENTIALITY 2nd CIRCUIT

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HOT NEWS MISAPPROPRIATION - CONFIDENTIALITY 2nd CIRCUIT

Ted
http://www.nysd.uscourts.gov/cases/show.php?db=special&id=109

see pg 84-89, re: Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith INC & Morgan Stanley Inc., v. THEFLY ON THE WALL.COM.   decided 3-28-10

re: Confidentiality - McGuire's request to Court

This case is the epitomy of how fast the financial markets move, and when information, even confidential info is deemed fair game for distribution & dissemination by the general public -which bt the way includes rank & file Union Carpenters.

The injunction granted here, by second circuit District Judge Denise Cote limit the "hotnews misappropriation" to 1/2 hour after the opening bell on Wall Street, which gives the firms trading 1-1/2 prior prior to the bell to conduct the large institutional trading etc with key clients.....i.e. large investors such as Pension., Annuity and Health & Welfare Funds...

The order enjoins the defendant for 2-hours while the market is trading. After that, all info is fair game.....nothing is confidential. The markets simply move too fast.

Past these defined windows, McGuire has no claim for adeuquate disclosure under ERISA or any other law predicated upon "confidentiality" of info. His claims to Judge Berman are pure bunk