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A former foreign exchange trader for Citigroup testified for the defense in a forex-rigging trial. Above, the bank's building in New York. (AP)

Ex-Citi Trader Rips Colleague's Forex Collusion Trial

A former Citigroup Inc. foreign exchange trader on Tuesday told jurors in the forex-rigging trial of traders for Barclays PLC, Citi and JPMorgan Chase & Co. that the case was “ludicrous," casting the allegedly collusive "cartel" chatroom evidence as benign.

  • Red Robin Workers Win Cert. Of 18,500-Person Wage Class

    A California federal judge on Tuesday certified a class of more than 18,500 Red Robin workers, saying there's sufficient evidence to support classwide allegations the restaurant chain underpaid wages, failed to reimburse employees for work expenses and didn't offer employees time to eat.

  • BREAKING: Ex-Balch Partner Gets 5 Years, Ex-Coal Exec 2.5 Years For Bribes

    A former Balch & Bingham LLP environmental partner and a former coal company executive were sentenced Tuesday to five and two-and-a-half years imprisonment, respectively, for bribing an Alabama legislator for his help in dodging cleanup liability with the U.S. Environmental Protection Agency, prosecutors said Tuesday.

  • Race-Blind Harvard Class Is Lower Rated, Deans Testify

    Adopting an admissions model that favors a boost for poorer students instead of considering race in order to achieve diversity would result in a Harvard University class that is rated lower academically, according to a pair of the Ivy League school's deans who testified Tuesday in the landmark affirmative action trial.

  • Ex-Allentown Mayor Gets 15 Years For Pay-To-Play Scheme

    Former Allentown, Pennsylvania, Mayor Edwin Pawlowski was sentenced to 15 years in federal prison Tuesday following his conviction for soliciting donations from vendors for an ultimately ill-fated U.S. Senate campaign in exchange for promises of lucrative city business.

  • Trade, Taxes And Uncertainty Drove Q3 Lobbying Revenue

    BigLaw federal lobbying revenues in the third quarter of 2018 were driven largely by an uptick in activity surrounding the new tax law and new tariffs, as well as by clients seeking guidance amid the uncertainty fomented by the looming midterm elections.

  • Fairness Concerns Doom Deal In Goldman Director Pay Suit

    The Delaware Chancery Court on Tuesday rejected a proposed settlement to resolve a shareholder challenge to Goldman Sachs Group Inc. nonemployee director compensation on grounds that the deal would release the claims without fair consideration to the company.

  • Simpson Thacher, Winston & Strawn Steer $4.3B Energy Buy

    Water and wastewater utility provider Aqua America Inc. said on Tuesday that it has agreed to buy Pittsburgh-based PNG Companies LLC, which owns a group of natural gas entities, in a deal that has an enterprise value of $4.3 billion and was steered by Simpson Thacher & Bartlett LLP and Winston & Strawn LLP.

  • Justice O'Connor Says She Likely Has Alzheimer's

    Retired U.S. Supreme Court Justice Sandra Day O’Connor is withdrawing from public life at age 88 following a dementia diagnosis that is “probably Alzheimer’s disease,” she said in a letter released Tuesday, having spent the last 12 years of her retirement dedicated to civics education and other causes.

  • Coder Gets Time Served In Goldman Data Theft, Will Appeal

    Sergey Aleynikov, the former Goldman Sachs coder who has been battling federal and state prosecutors for nine years over his alleged theft of computer code from the Wall Street bank, was sentenced to time served by a state judge on Tuesday and vowed he would appeal.

  • Landmark Roundup Verdict Survives, But Cut Down By $211M

    A California judge on Monday slashed roughly $211 million from the $289 million jury verdict won by a groundskeeper who alleged that Monsanto’s Roundup weedkiller caused his lymphoma, ruling that the jury’s punitive damages award must be limited to protect the agrochemical giant’s due process rights.

  • Avenatti On Hook For $4.9M Owed To Former Law Partner

    A Los Angeles judge on Monday ruled that Michael Avenatti, the attorney representing adult film actress Stormy Daniels, must make good on the $4.85 million he owes to his former law partner, ruling that Avenatti has failed to pay off the debt.

  • Trump Invites ACA Suits By Giving States New Leeway

    The Trump administration on Monday offered states wide latitude to steer consumers away from the Affordable Care Act's robust health insurance and toward cheaper policies, an audacious move that experts say flouts the law's intent and invites litigation.