Computerized Bloomberg Data within 803(17) Market Report Hearsay Exception

Federal Rule of Evidence 803(17) provides a hearsay exception for:

(17) Market reports, commercial publications.

Market quotations, tabulations, lists, directories, or other published compilations, generally used and relied upon by the public or by persons in particular occupations.

In United States v. Masferrer, 514 F.3d 1158 (11th Cir. 2008), a prosecution for bank and securities fraud, the government was required to prove the losses sustained as a result of certain debt transactions and swaps. To do so, it introduced computerized records from the Bloomberg Financial Service. At trial, a Bloomberg executive testified that Bloomberg collects market price quotes for all types of markets, including debt securities markets. The actual Bloomberg price quotes were also admitted. The Eleventh Circuit affirmed the introduction of all of this evidence pursuant to Rule 803(17).

Thanks to Professor Daniel J. Capra for calling this case to my attention.

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