SEC Defends Its In-House Courts

The Securities and Exchange Commission is defending its use of in-house courts to handle enforcement of financial regulations, The Wall Street Journal's Jean Eaglesham reports: "The SEC accused several defendants of 'judge shopping' by trying to get a case heard in a particular court and in another instance asked one of its own judges to submit a formal statement about whether he has ever felt pressure to favor the agency."

Seven cases have been brought by defendants against those in-house courts, and they argue the administrative-law process denies them important protections. One federal judge has said the process is likely unconstitutional.