In a decision that could have broad implications for news aggregation services, the U.S. Court of Appeals for the Second Circuit ruled yesterday that financial news service can report on securities brokerages’ stock recommendations as soon as it learns of them, as long as it does not violate federal copyright law.

The opinion in Barclays Capital v., 10-1372, said that the brokerages’ claims against Fly under New York’s “hot news” misappropriation law were preempted by the Copyright Act.

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