The U.S. House Ways and Means Committee and a former top staff member must obey subpoenas in a Securities and Exchange Commission insider-trading investigation tied to health-care legislation, a federal judge ruled, rejecting their claims of immunity from such an inquiry. The ruling, which tested the limits of federal insider-trading law, will allow SEC lawyers to question the staff in a probe of allegations that nonpublic information was disclosed about a change in a U.S. health-care policy. The SEC says the change resulted in a spike in health-insurance companies’ shares. “Members of Congress and Congressional employees are not exempt from the insider trading...
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