ACLU, others sue to stop insider-trading law

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Associated Press

Posted on August 2, 2012 at 7:02 PM

McLEAN, Va. (AP) — The American Civil Liberties Union is filing a lawsuit on behalf of 28,000 federal employees to block a new law aimed at stopping insider trading by government officials.

The lawsuit was filed Thursday in federal court in Greenbelt, Md. It seeks to block implementation of the STOCK Act, which stands for Stop Trading on Congressional Knowledge.

The bill at first applied only to members of Congress and their staffs. But it was expanded to apply to 28,000 senior members of the executive branch, including military officers.

It requires those workers to post detailed information on their financial transactions online. The lawsuit claims the requirements are an invasion of privacy and subject those workers to a real fear of identity theft.

The law takes effect at the end of the month.

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