Financial Research Service’s Distribution of Copyrighted Recording of Earnings Call Was Fair Use, Says Second Circuit

Summary: In a significant decision addressing copyright fair use, the Second Circuit held that a financial research service’s dissemination of a copyrighted recording of a company’s earnings call with investors was fair use. In addition to its expansive view of fair use, the court’s decision is noteworthy in that it affirmed the district court’s sua sponte grant of summary judgment before the plaintiff had the opportunity to take any discovery.