A federal judge ruled against the U.S. Federal Reserves effort to "block disclosure of companies that participated in and securities covered by a series of emergency funding programs as the global credit crisis began to intensify."
In a 47-page opinion, Chief District Judge Loretta Preska of the federal court in Manhattan said the central bank failed to show that disclosure would cause borrowers in the Federal Reserve System to suffer "imminent competitive harm," by stigmatizing them for using Fed lending programs.
The case arose when two Bloomberg News reporters submitted requests under the federal Freedom of Information Act (FOIA) about actions the Fed took to shore up the financial system in 2007 and early 2008, including an expansion of lending programs and the sale of Bear Stearns Cos to JPMorgan Chase & Co (JPM.N).
After the Fed resisted the request, Bloomberg sued to compel disclosure.
Here is a link to Bloomberg article giving more details. I've got a 7:00...gotta go.
Feel free to diary jack...