About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

NewRiver Files Lawsuit Against Morningstar for Unauthorised Access

Subscribe to our newsletter

NewRiver, a US provider of a central repository of mutual fund documents and data for financial services firms, has filed a lawsuit against Morningstar, alleging that the investment research firm has used the internet to gain illegal access to its Prospectus Express web-based data warehouse. The firm has also accused Morningstar of unfair competition related to the Prospectus Express product, which provides investors with up to date mutual fund prospectuses.

The lawsuit has been filed with Massachusetts state court and NewRiver has stated that it will “vigorously protect its proprietary interests in its Prospectus Express product through the prosecution of the lawsuit”. The firm is seeking to prevent Morningstar from accessing its online warehouse of updated prospectuses and asking for unspecified damages.

The breach is alleged to have happened last year, during a period when talks were ongoing regarding the possible takeover of NewRiver by Morningstar.

Morningstar has acknowledged that it accessed NewRiver’s data for “benchmarking” purposes to ascertain whether its own information was up to date but denies using the data for illegal purposes.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Taking a holistic approach to buy-side data management

As data volumes and complexity continue to increase, buy-side data management is at an inflection point. Manual processes and data siloes are no longer fit for purpose, and firms need to take a more holistic approach to data management that not only reduces manual intervention and cost, but also increases data access and accuracy for...

BLOG

GLEIF Extends LEI Mapping to OpenCorporates Global Database of Legal Entity Data

The Global Legal Entity Identifier Foundation (GLEIF) has linked LEIs to corresponding records in the OpenCorporates global database of legal entity data, one of the largest open databases of companies in the world. With LEIs natively available in the OpenCorporates database, cross-referencing between the datasets will facilitate a range of compliance, surveillance, and due diligence...

EVENT

Data Management Summit London

Now in its 14th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

ESG Handbook 2023

The ESG Handbook 2023 edition is the essential guide to everything you need to know about ESG and how to manage requirements if you work in financial data and technology. Download your free copy to understand: What ESG Covers: The scope and definition of ESG Regulations: The evolution of global regulations, especially in the UK...