FOX Business Achieves Additional Victory in Treasury Lawsuit over Freedom of Information Act Requests

Thu Nov 29, 2012 1:20pm EST

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FOX Business Achieves Additional Victory in Treasury Lawsuit over Freedom of Information Act Requests

FOX Business Network (FBN) has achieved another victory in its lawsuit against the United States Treasury Department over documents that the Treasury improperly withheld in response to FBN’s Freedom of Information Act (FOIA) requests, announced Kevin Magee, FBN Executive Vice President.

The decision was delivered earlier this week by United States Magistrate Judge Frank Maas, who ordered the Treasury to release the documents it had withheld regarding the bailout of American International Group (AIG). The records include internal communications among Treasury officials discussing AIG bonuses, media requests, dealings with Congress, and investor relations. Judge Maas has scheduled a telephone conference for December 3rd to discuss the case followed by a scheduling of the document delivery date.

In making the announcement, Magee said “This is another proud day for FOX Business as we once again have earned a victory for the American public in the fight for enhanced transparency.”

The FOIA requests were filed in March 2009 and followed Treasury’s announcement of a third stage of its bailout of AIG in the amount of $150 billion.

Two earlier requests, filed in 2008, sought actual data on the use of the bailout funds for AIG, Bank of New York Mellon and Citigroup, Inc. FBN had been asking for the Treasury Department to identify, among other issues, the troubled assets purchased, any collateral extended, and any restrictions placed on these financial institutions for their participation in this program. In 2009 Judge Maas ruled in favor FBN on the 2008 FOIA requests, ordering the Treasury to release documents regarding their decision to keep AIG from going into bankruptcy. The FOIA complaint was filed by FOX News Network, LLC, as owner of FBN.

FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in New York—the business capital of the world—FBN launched in October 2007 under the leadership of FOX News Chairman & CEO Roger Ailes and is now available in more than 60 million homes in major markets across the United States. Owned by News Corp, the network has bureaus in Chicago, Los Angeles, Washington, DC and London. On the web at www.foxbusiness.com

For more information, please go to www.foxbusiness.com/mediarelations

FOX Business Media:
Irena Briganti, 212-301-3608
Caley Cronin, 212-301-3972

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