A company that provides information about distressed businesses to high-end institutional subscribers cannot use New York’s Shield Law to protect itself from disclosure of confidential sources, a judge has ruled.
Manhattan Supreme Court Justice Carol Edmead determined that the state Shield Law was enacted to protect “professional journalists” who disseminate information to the general public, and not the analysts at a subscriber-only service such as Reorg Research Inc. of Manhattan. She said the company’s service is “not activity covered by the Shield Law, as it does not involve dissemination to the public.”
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