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Bloomberg News reports that the US Supreme Court ruled yesterday by a 5-3 vote that "publishers and manufacturers can’t block imports of copyrighted items made and sold abroad, bolstering the multibillion-dollar 'gray market'." The ruling is seen as a victory for companies like Costco, Walmart and eBay, which often are able to obtain these gray market goods abroad at lower prices and then sell them in the US for less than their domestic counterparts.

Essentially, the ruling says that copyright owners only are protected until their products are sold, at which point the new owners can sell them to anyone they want.

According to the Reuters story, "The gray market is the annual trade in tens of billions of dollars in genuine products outside of their official distribution channels to exploit lower overseas prices.
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