In "Bloomberg L.P. v. Board of Governors of the Federal Reserve System" (2009), Preska presided over a Freedom of Information Act suit brought by Bloomberg L.P. against the Federal Reserve System, seeking to compel the Fed to provide documents revealing the identity of recipients of bailout money during the global financial crisis, along with the types and amounts of collateral provided. Preska sided with Bloomberg News reporters, concluding that the Fed's claims that disclosure would cause an "imminent competitive harm" to borrowers were merely conjecture. The Second Circuit affirmed this ruling.