A federal appeals court in New York City has lifted limits on when a financial news website can report banks' stock ratings.
The decision reversed a lower-court decision requiring Theflyonthewall.com to delay posting its reports until 30 minutes after the stock market opens.
The ruling stems from a lawsuit brought by banks against the Summit, N.J.-based online news service. The suit alleged the website was devaluing the banks' research by reporting it before their clients could act on it.
Theflyonthewall.com called the appeals court decision on Monday a "complete victory." The banks said they were disappointed and were reviewing further legal options.
The Associated Press, which had filed a brief in the case, said the ruling preserved legal standards governing so-called "hot news."