News Corp.’s Dow Jones & Co., the publisher of the Wall Street Journal, accused the Ransquawk financial news aggregation service of illegally redistributing news from its DJX subscriber service.
Real-Time Analysis & News Ltd., Ransquawk’s U.K.-based owner, republishes on its website and through audio broadcasts Dow Jones’s news headlines within seconds after they appear on DJX, according to the complaint filed yesterday in federal court in Manhattan.
“Because Ransquawk distributes news copied verbatim from DJX in competition with DJX without incurring the costs Dow Jones incurs to originate the news, Ransquawk is able to offer its products and services at a substantially lower price than Dow Jones can offer similar products and services,” according to the complaint.
The company seeks at least $5 million in damages for misappropriation of “hot news” as well as for interfering with contractual relationships by obtaining the news without a DJX subscription, according to the complaint.
Representatives of Real-Time Analysis & News didn’t immediately respond to an e-mail seeking comment on the lawsuit.
Bloomberg LP, the parent of Bloomberg News, competes with Dow Jones in providing financial news and services.
The case is Dow Jones & Co. v. Real-Time Analysis & News Ltd., 14-0131, U.S. District Court, Southern District of New York (Manhattan.)