WASHINGTON — Piper Jaffray Cos. disclosed late Thursday that a former employee has been notified by the Justice Department that he is the target of its investigation of anticompetitive practices in connection with the derivatives and investment areas of the municipal market.

The firm made the disclosure in a 10-K financial filing it made with the Securities and Exchange Commission, saying it has received subpoenas and requests for information from the Justice Department and the SEC “which are conducting broad, industry-wide investigations of anticompetitive and other practices relating to the marketing, providing or brokering of contracts involving the investment or reinvestment of proceeds of certain tax-exempt bonds issues, including guaranteed investment contracts, derivatives, and other investment securities.”

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