The Clearing House Ass’n, L.L.C. v. Bloomberg, L.P.

Issue: (1) Whether the identity of a third party who transacts with a federal agency, and the highly confidential terms of such a transaction, constitutes information "obtained from" that party for purposes of Exemption 4 of the Freedom of Information Act, which authorizes a federal agency to withhold “[1] trade secrets and commercial or financial information [2] obtained from a person [3] privileged or confidential”?; and (2) whether information is "confidential" under FOIA Exemption 4 when its disclosure would impair the effectiveness of federal agency programs.