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Fox Biz Wins Court Battle

Network wins Freedom of Information Act suit against Federal Reserve

The Fox Business Network won a lawsuit against the United States Federal Reserve on Friday over failure of the Fed to respond to the network’s Freedom of Information Act requests.

A New York appellate judge ruled in favor of Fox, ordering the Federal Reserve to disclose which banks and financial institutions borrowed money between August 2007 and November 2008, shortly before the banking industry’s collapse.

“We are pleased that this information is finally, and rightfully, going to be made available to the American public,” FBN executive VP Kevin Magee said in a statement.

Fox made an initial request to the Federal Reserve on November 10, 2008.

The network filed a similar lawsuit against the United States Treasury Department in December 2008. Oral arguments in that case were heard earlier today.