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Sen. Richard Burr at the Senate floor in February. Photo: Samuel Corum/Getty Images

Senate Intelligence Chairman Richard Burr (R-N.C.) was hit with a federal lawsuit Monday over his sell-off of shares before the market crashed over concerns about the novel coronavirus pandemic.

Details: Wyndham Hotels and Resorts shareholder Alan Jacobson alleges "acts of securities fraud committed by [Burr]" and "abuse of his powers as a U.S. Senator" when he sold his $150,000 stake in the business. Burr strongly denies any wrongdoing and asked the Senate Ethics Committee Friday to review the sell-offs.

The big picture: Burr had been receiving daily coronavirus updates from the intelligence community in his role as committee chairman, per a Feb. 27 report by Reuters. After writing a Feb. 7 Fox News op-ed that said the U.S. is "better prepared than ever before" to face public health threats such as COVID-19, he sold between $628,000 and $1.72 million in stocks on Feb. 13, ProPublica reported.

What they're saying: "Senator Burr owed a duty to Congress, the United States government, and citizens of the United States, including Plaintiff, not to use material nonpublic information that he learned by virtue of his duties as a United States Senator in connection with the sale or purchase of any security," the lawsuit states. "Senator Burr breached that duty by selling stock, including Wyndham stock, based on that material nonpublic information."

"Had Plaintiff and the market known of the material nonpublic information in Senator Burr’s possession regarding COVID-19, and on which Senator Burr traded, Wyndham’s stock price on February 13, 2020 would have been substantially lower. Senator Burr and his wife sold up to $150,000 of Wyndham stock on that date, and therefore he and his wife pocketed up to $150,000 in illegal insider trading proceeds at Plaintiff’s expense.
Plaintiff suffered damages because, in reliance on the integrity of the market, he maintained his stock holdings in Wyndham at artificially inflated prices as a result of Defendant’s violations of Section 10(b) and 20A of the Exchange Act."
— Lawsuit excerpt

The other side: Axios has contacted Burr for comment about the lawsuit. He has said previously that he sold the stocks because he "closely followed CNBC's daily health and science reporting out of its Asia bureaus at the time."

Read the lawsuit:

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The body of John Geddert was found on Thursday, just hours after the former USA Gymnastics coach was charged with 24 counts of criminal misconduct, according to Michigan Attorney General Dana Nessel.

What they're saying: “My office has been notified that the body of John Geddert was found late this afternoon after taking his own life. This is a tragic end to a tragic story for everyone involved," Nessel said in a statement.

House passes Equality Act to boost LGBTQ protections

A protester holds a rainbow flag in Times Square in Oct. 2020. Photo: John Lamparski/SOPA Images/LightRocket via Getty Images

The House voted 224-206 on Thursday to pass the Equality Act, which would expand federal protections for LGBTQ people by prohibiting discrimination based on gender identity and sexual orientation.

Why it matters: The legislation passed in the House in May 2019, but never reached the Republican-controlled Senate under former President Trump. Democratic leaders believe there is a chance to pass the act into law this year with a 50-50 split in the Senate, but it is uncertain whether enough Republicans will support the bill for it to move forward.