The Federal Reserve will ask a U.S. appeals court today to block a ruling that for the first time would force the central bank to reveal the identities of financial firms that might have collapsed without the largest government bailout in U.S. history, Bloomberg reported today.

The U.S. Court of Appeals in Manhattan, after hearing arguments in the case today, will decide whether the Federal Reserve must release records of the $2 trillion U.S. loan program launched after the 2008 collapse of Lehman Brothers Holdings Inc. In August, a federal judge ordered that the information be released, responding to a request by Bloomberg LP, the parent of Bloomberg News.

Bloomberg argues that the public has the right to know basic information about the “unprecedented and highly controversial use” of public money. Banks and the Federal Reserve warn that bailed-out lenders may be hurt if the documents are made public, causing a run or a sell-off by investors. Disclosure may hamstring the Federal Reserve’s ability to deal with another crisis, they also argued. The lower court agreed with Bloomberg.

The ruling by the three-judge appeals panel may not come for months and is unlikely to be the final word. The loser may seek a rehearing or appeal to the full appeals court and eventually petition the U.S. Supreme Court, said Anne Weismann, chief lawyer for Citizens for Responsibility and Ethics, a Washington advocacy group that supports Bloomberg’s lawsuit.