The Federal Reserve has been ordered by a US judge to release records about emergency loans to investment banks and other financial institutions during the height of the economic meltdown.

Southern District of New York Judge Loretta Preska granted a request from the Bloomberg organization under the Freedom of Information Act in Bloomberg L.P. v. Board of Governors of the Federal Reserve System, 08 Civ. 9595.

Rejecting the claim of the Federal Reserve that the material was exempt from disclosure, Preska gave the board of governors until Monday to produce the records.

Her decision contrasted with one made by fellow Southern District Judge Alvin Hellerstein in July.

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