In March of 2010, a three-judge panel of the United States Court of Appeals for the Second Circuit ordered the Federal Reserve ("Fed") to release to Bloomberg, plaintiff in the FOIA lawsuit, details of its emergency lending program it used in 2008. The Fed appealed to the entire court (for non lawyers, this is called an en banc appeal). The decision of the full court was recently made, and it affirmed the earlier decision of the three judge panel. Reporters Committee for Freedom of the Press has more on the decision here.
The Fed asked for a stay from release so that it could consider whether or not to appeal the matter to the Supreme Court. According to Bloomberg, the Fed received a 60 day stay to make its decision. If the appeal is taken by the Supreme Court, it would be the third active FOIA matter before it.
One individual, Stephen Foley writes in from England in the Independent that he believes the decision ordering release of the information should be fought and that disclosure of this material is not warranted.