The news agency Reuters has lost an appeal to overturn an injunction, granted in March, that prevented it from publishing confidential information about the hedge fund Brevan Howard.
Reuters had obtained information from a "confidential source" that had been sent by the fund to a group of 36 "potential" investors, presumably institutional. Experience suggests that the most likely source was one of the investors while the word "potential" suggests that the information related to fundraising. Data on returns and staffing changes are often leaked by news agencies and the typical response from the fund is to decline comment rather than take legal action.
The ruling, which came at the Court of Appeals earlier in the month, is final. Brevan Howard said they "welcome the decision of the court that supports the importance of its ability to communicate with its investors in a candid and responsible manner". Reuters expressed disappointment, continuing to argue that "public interest outweighs the confidentiality concerns", and claiming that the verdict prevents the news agency from "enabling people to hold their pension providers to account".