David Einhorn, of Greenlight Capital hedge fund, filed a lawsuit seeking to unmask the identity of an anonymous financial blogger who, he says, disclosed that Mr. Einhorn’s fund was buying shares in a certain technology company. The maneuver illustrates the tension between a money manager’s ability to safeguard his trading strategies and the rights of others to report them.

The lawsuit, filed in New York State Supreme Court, seeks to force the popular investment website Seeking Alpha to disclose the identity of the anonymous blogger known as Valuable Insights. The judge said representatives for the website must appear in court to explain why she should not grant the fund’s motion to force the website to disclose the blogger’s name.

Charles A. Stillman, a prominent white collar attorney and Managing Partner of Ballard Spahr Stillman & Friedman in New York, said the suit does raise First Amendment issues. But those clash with the rights of a money manager to keep his trading strategies confidential. He said the money manager might be able to argue that he has a legitimate right to know whether the blogger obtained his information from someone who wasn’t supposed to share it.

“It may have a potential effect, but doesn’t mean you get to blog with impunity,” Mr. Stillman said. “There has to be some sense of fairness.”

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