Two giants in the Internet market Google Inc. and Twitter Inc. has taken the side of Theflyonthewall.com Inc. in the current most talked controversy in the tech world. Theflyonthewall.com Inc. is accused of publishing some internal research papers statements which was full right by the Bank of America’s Corporation’s two well established financial agencies Merrill Lynch and Morgan Stanley. But Google and Twitter terms it as ‘freedom of expression’ where district court ruled against the Theflyonthewall.com Inc. by banning their financial news updates service.
Beyond the accusation
Theflyonthewall.com Inc. is a financial news update agency which provides the latest update of share market to the readers. The upgrades and downgrades of current market are published every moment and they discuss about the current market scenario as well as predict the future of the market. Here the main report against them was filed by two prominent financial agency of USA where the accused Theflyonthewall.com Inc. for publishing their research report without their permission. The financial agencies claim that this leads them to million dollar loss for which Theflyonthewall.com Inc. is the only responsible media.
In this context the district court of New York filed a ruling against Theflyonthewall.com Inc. and postponed their news update circulation. The district court accuse them of violating the copyright rule where the news media claims it as a ‘freedom of media’ to publish any news.
Theflyonthewall.com Inc. appealed in the federal court for the consideration of district court’s ruling. The lower court said that Theflyonthewall.com Inc. must follow the market until the official release of the report by the two financial agencies. But Theflyonthewall.com Inc. denied to move from their position and decided to go for an appeal.
Stand of Google and twitter
The most popular social networking website Facebook and micro blogging website Twitter entitled the whole incident as ‘nude step on the freedom of media’. They urge to ensure the freedom of media with utmost integrity. Google mentioned, ‘It’s a total mess up between the two parties, but we expect a better environments for the news agencies. Thus we urge the court for the justified dispute of the issue which could ensure the freedom of journalism.’
Twitter Inc. Voiced in the same way as Facebook. In a press release they jointly expressed their hopes of upholding the liberty of media. “In a world of modern communications technology, where anyone with a cell phone may disseminate news throughout the world even as it is occurring, the notion that a single media outlet should have a monopoly on time-sensitive facts is not only contrary to law, it is, as a practical matter, futile,” Google and Twitter said in the filing.”
Financial Agencies’ position
The copyright law enables the authority of the agencies to file the case against the news media where they accused them for “systematically and impermissibly accesses” their own research proprietary without their permission.