Justice moves in on financial cases
The Justice Department is muscling in on financial cases normally handled by the Securities and Exchange Commission, The Washington Post reports.
In addition to Justice’s $13 billion civil settlement with JPMorgan Chase, the department also sued Standard & Poor’s this year.
{mosads}Justice has been able to use a 1980s-era law, which the SEC cannot, that gives them strong subpoena power and a low burden of proof to deal with financial institutions. The SEC, for instance, only wrung a $300 million penalty out of JPMorgan.
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