10
May/10

SDNY: Text of Decision in Int'l Swaps v Socratek: Can You Sell Copies of EDGAR Filings?


This is an interesting case. Plaintiff makes copyrighted blank forms that companies fill out when they make EDGAR filings with the SEC pursuant to the Exchange Act. Defendant downloads completed versions of the forms from EDGAR and sells them. Plaintiff sued for copyright infringement.
First, it seems that this is a case of first impression as to the interplay between the Exchange Act and the Copyright Act. After deciding that it is unlikely that the Exchange Act intended to gut all rights under the Copyright Act, just some of them, the Court goes on to deny a preliminary injunction. While Plaintiff made out a prima facie case of infringement, the Court notes that this is not going to be a slam-dunk case, but, importantly, Plaintiff was not able to make out a showing that it suffered irreparable harm from defendant selling completed copies of its form. Thus this would likely have turned out the same way post-Salinger.
Decision Intl Swaps v Socratek

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