House, SEC Drop Health Care Subpoena Fight At 2nd Circ.

Law360, New York (November 14, 2016, 5:02 PM EST) -- The U.S. House Ways and Means Committee has dropped its Second Circuit appeal seeking to stop the U.S. Securities and Exchange Commission from subpoenaing a former staffer in a health care insider trading probe, putting to rest more than two years of litigation.

The House Ways and Means Committee was appealing a district court order that allowed the SEC to subpoena communications between former health subcommittee staff director Brian Sutter and lobbyists as part of an investigation into insider-trading allegations involving developments in health care legislation, arguing that sovereign immunity barred the probe. But the House committee and the SEC on...

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