SEC Investigates Possible Leak of Details of Asbestos Legislation Speech

Earlier this year the SEC investigated whether lobbyists leaked information on a (at the time) pending asbestos legislation speech by Senator Frist to certain hedge funds.

This article from the Washington Times has the details.

The article states that the SEC has questioned Sen. Frist's office as well as looked into:

"...whether hedge funds, in turn, bought shares in companies that would be affected if Congress approved the bill, which would have settled asbestos civil suits."

The article points out that this is a legal "grey-area" reporting that:

"...the SEC officials said that no charges were imminent and that it was unclear whether providing congressional information could be considered improper or illegal under insider trading laws."