Justice moves in on financial cases

by Bernie Becker - 11/21/13 9:50 AM ET

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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