The War Between an Analyst and a Bank

The New York Times reports:

For the last two years, Richard X. Bove, an outspoken analyst, has been engaged in a lonely legal battle to retain his ability to say whatever he likes, an ordeal that he says has been anything but fun, Andrew Martin and Louise Story of The New York Times report.

BankAtlantic, a Florida bank, sued Mr. Bove, accusing him of defamation after he wrote a report about the banking industry in July 2008, just as the financial crisis was starting to boil over. The bank contended that the report falsely suggested that the institution was in trouble.

The case was settled three months ago, and Mr. Bove didn’t pay a dime to BankAtlantic. Still, it was hardly a resounding victory for Mr. Bove or, for that matter, freedom of speech on Wall Street, where some say the need for independent, probing voices has never been more apparent.

It cost him $800,000. It's time for loser to pay legal fees.