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House Ways and Means Committee Ordered Before Judge Over Insider Trading

House Ways and Means Committee Ordered Before Judge Over Insider Trading

The House Ways and Means Committee and a top aide on the panel were ordered to explain to a federal judge why they shouldn’t provide documents to regulators investigating possible insider trading in health-care stocks.

U.S. District Court Judge Paul Gardephe in New York yesterday directed the committee and aide Brian Sutter, a possible source of the leak according to the U.S. Securities and Exchange Commission, to appear before him July 1.

The SEC sought the subpoenas in an investigation testing the limits of federal insider-trading laws on whether the committee or staff members illegally passed on non-public information about a change in U.S. health-care policy. In seeking compliance with the subpoena demand, the SEC cited a 2012 law that requires public officials to keep confidential any non-public information about government matters that could move stock prices.

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