http://thelede.blogs.nytimes.com/2009/02/13/steal-these-fede...
Even if they aren't public. They should be. This stuff can be used as law -- precedents. The only valid objection I see is that there needs to be some process to protect the privacy of the people involved in the case. But that's second-order concern.
There already is: you can file documents under seal or in redacted form. Most courts require you to do so if you're including information such as social security numbers. See, i.e. http://www.courtinfo.ca.gov/invitationstocomment/documents/s...
Nothing that's available via PACER couldn't be read by walking down to the courthouse and requesting the physical file.
[1] Matthew Bender & Co. v. West Publishing Co., 158 F.3d 693 (2d Cir. 1998) - http://bulk.resource.org/courts.gov/c/F3/158/158.F3d.693.97-...
It's not illegal, so what's going on?
Trying to collect $1.5MM?
In this matter, I'd bet the NYTimes coverage was more valuable in deterring prosecution than any legal counsel or even influential friends -- it meant any trumped-up narrative of nefarious intent would be fighting an uphill battle against the story already started in 'the paper of record'.
I am not saying this is what should happen but this is what likely happened.