Legal Issues

by Mike Masnick




NY Stock Exchange Wastes Hundreds Of Thousands Of Dollars On One Internet Poster

from the personal-vendettas dept

The New York Stock Exchange apparently spent hundreds of thousands of dollars (possibly over a million) to try to stop someone from using the name of its CEO on an internet discussion group. Someone started posting on RagingBull using a set of usernames based on the name "Dick Grasso", and the NYSE hired expensive lawyers to go after the guy. From the article, it sounds like it wasn't Grasso, himself, paying for this lawsuit, but the company he worked for. Sounds like someone needs to get a grip on how the internet works. The posts were very clearly not actually from Grasso, and there was no chance that anyone would think that the actual Dick Grasso was hanging out on RagingBull.com posting poorly edited, nearly incomprehensible missives. However, the stock exchange claims that such posts harmed business for the NYSE. The real kicker is that the guy who was doing it says he would have just stopped if the exchange had asked him to, instead of immediately suing him.

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