Bloomberg Wins Appellate Victory in Suit for Bailout Details

The U.S. Court of Appeals in Manhattan ruled in favor of Bloomberg in its suit against the Federal Reserve for access to bailout details, ruling the Fed must release records of the $2 trillion U.S. loan program.

U.S. Circuit Chief Judge Dennis Jacobs wrote that the FOIA "sets forth no basis for the exemption the Board asks us to read into it. If the Board believes such an exemption would better serve the national interest, it should ask Congress to amend the statute."

Read more about the decision here.