Legal Commentary

From Reuters (via Yahoo):

A nearly 6-year-old news story on the 2002 bankruptcy filing of UAL Corp (UAUA.O) resurfaced on the Internet on Monday, clobbering the airline's shares briefly as some traders mistook the report as current and plausible news. . . .

UAL shares fell 76 percent to $3 after the article was posted on the Bloomberg financial news service. The magnitude of the decline may underscore the lack of confidence investors have in UAL and the troubled airline industry in general.

Apparently, the article appeared on the Florida Sun-Sentinel web page and was then posted on Bloomberg by investment advisory firm Income Securities Advisors.  So which of these entities might be sued: the Sun-Sentinel, Bloomberg, ISA, all of the above, or none of the above?

And what does this say about efficient markets?  Are investors really that quick to jump on a Bloomberg report?

One additional angle: the Sun-Sentinel has not yet determined why the article appeared, leading the ISA president to opine: "It's very suspicious."