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Banks Can’t Block Theflyonthewall.com Reports, Court Rules

Barclays Plc, Bank of America Corp.’s Merrill Lynch and Morgan Stanley can’t use New York law to block Theflyonthewall.com, an online financial news service, from issuing immediate reports about changes in their stock ratings, a federal appeals court ruled.

The appeals panel today in Manhattan reversed a lower court ruling to block Theflyonthewall.com, based in Summit, New Jersey, from reporting the upgrades or downgrades of stocks for two hours or until half an hour after the opening of the New York Stock Exchange.