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Paul Leder and Andrew Herman Quoted on U.S. Senators' Stock Trades in Law360

"Probes of Senators' Trading May Reach Uncharted Waters"


Andrew Herman and Paul Leder were quoted on inquiries into stock trades by U.S. senators prior to the market decline triggered by COVID-19, which could be difficult to navigate. "There is no question that the SEC and the [U.S. Department of Justice] are looking at this trading," Leder said. "Investigators know that they would need to show far more than that a member of Congress received a briefing on the potential impact of COVID-19 and then purchased or sold securities." 

Herman noted that the speech or debate clause of the Constitution could also pose a problem for investigators. Herman said "unless a court were to find that Congress had waived the immunity provided by the clause, the government would be precluded from using any information that a member of Congress acquired in committee hearings to prosecute that member."