The Fed and Clearing House have seven days to ask the circuit court for a stay, which would free them from having to release the 231 loan documents at issue, according to Willkie Farr & Gallagher LLP, Bloomberg’s attorneys in the case. If the court issues the stay, the Fed and the Clearing House have 90 days to petition the Supreme Court to consider their appeal.
If the circuit court doesn’t issue a stay, the Fed would have to release the documents, also called term sheets, the law firm said.
The amount the Fed and the U.S. government lent, spent or guaranteed to stem the recession and rescue the banking system peaked in March 2009 at $12.8 trillion, most of it following the September 2008 bankruptcy of Lehman Brothers Holdings Inc.
The New York Times Co., the Associated Press and Dow Jones & Co., publisher of the Wall Street Journal, are among media companies that have signed up as friends of the court in support of Bloomberg.
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