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FBN And Bloomberg Both Win Lawsuits To Get You Information

It was a big day in court for CNBC’s business news competitors – both FBN and Bloomberg won Freedom Of Information Act (FOIA) lawsuits against the Federal Reserve.

And they did it right next to each other in the same courthouse.

First, here’s some Bloomberg backstory:

Bloomberg, majority-owned by New York Mayor Michael Bloomberg, sued after the Fed refused to name the firms it lent to or disclose loan amounts or assets used as collateral under its lending programs. Most of the loans were made in response to the deepest financial crisis since the Great Depression.

Lawyers for Bloomberg argued in court that the public has the right to know basic information about the “unprecedented and highly controversial use” of public money.

FBN’s FOIA win was similar. It was filed in January and the ruling ordered the Fed disclose documents identifying which institutions borrowed money and the details of each loan.

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