Fox News appeals denial of bailout-related information

Fox News appealed a federal court decision on Wednesday that allows the U.S. Federal Reserve to keep secret the names of financial firms that borrowed from bailout lending programs.

Reuters reported that Fox News, owned by News Corp., made its case the second bailout-related Freedom of Information Act suit to reach the U.S. Court of Appeals in New York City (2nd Cir.). Last month Judge Loretta Preska stayed an Aug. 24 order requiring the Fed to hand over bailout-related information to Bloomberg News pending the government’s Second Circuit appeal in that case, Bloomberg reported. Both cases originated in the same federal court in Manhattan.

Fox News filed two FOIA requests in November 2008 for information regarding the Fed’s "Discount Window" loan program. Judge Alvin K. Hellerstein ruled the Fed could deny the requests because disclosure "would compromise the Board’s effective execution of its statutory responsibilities," his order said.

At least three news organizations, Fox News, Bloomberg News and the The New York Times, filed suits against the Fed for refusing to grant FOIA requests. The New York Times case is still pending.