The Federal Reserve has asked a U.S. appeals court to delay disclosure of emergency lending provided to banks during the crisis...
Wednesday's emergency request for a 90-day delay came after the U.S. Second Circuit Court of Appeals on Aug. 20 denied a motion by the Fed to rehear the case, which had been brought by Bloomberg LP, the parent of Bloomberg News, and News Corp's [NWS 13.76 0.02 (+0.15%) ] Fox News Network.
A stay would give the Fed and the Clearing House Association, a group of major U.S. and European banks, until Nov. 18 to appeal the ruling to the U.S. Supreme Court.
In its Wednesday filing, the Fed said denial of a stay would "force the government to let the cat out of the bag, without any effective way of recapturing it" if the Second Circuit ruling were later reversed.
"The public policy interest identified by the government will be irreversibly lost," it added.
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