Pilots at JetBlue vote to join union

JetBlue Airways pilots voted to join the Air Line Pilots Association, ending the carrier’s status as the biggest U.S. airline without a union.

ALPA won support from 71 percent of pilots eligible to vote, according to the union. Once the National Mediation Board authorizes the union as the pilots’ representative, JetBlue and the union will organize committees to craft a contract, airline chief executive Dave Barger said in a statement.

“JetBlue pilots have voted for ALPA representation so that we have the ability to improve our professional careers,” said Gustavo Rivera and Rocky Durham, co-chairmen of the organizing committee at the airline.

JetBlue shares fell nearly 2 percent to close at $8.59. Now the fifth-largest U.S. carrier, JetBlue began flying in 2000 and has long cast itself as a model of labor relations in an industry known for discord.

The airline said it has 2,529 pilots, while ALPA said the total was more than 2,600.

It was the third such vote by JetBlue pilots, who turned down the creation of an independent bargaining unit in 2009 and again in 2011.

— Bloomberg News

Appeals court critical of execs’ convictions

A U.S. appeals court panel was critical of a judge for making it too easy to convict two hedge fund managers of insider trading, lending support to their claims that their verdict was unfair and possibly unraveling other government cases if the court rules in their favor.

Level Global Investors co-founder Anthony Chiasson and former Diamondback Capital Management portfolio manager Todd Newman argued that their convictions should be overturned because jurors weren’t required to find that the traders knew that the source of their illegal tip received a benefit. The government said jurors only needed to find that the men knew it was material nonpublic information and that the tipper was breaching a fiduciary duty by revealing it.

A decision by the three-
member panel of the U.S. Court of Appeals for the 2nd Circuit
favoring the fund managers could imperil the conviction of SAC Capital Advisors fund manager Michael Steinberg, whose jury got the same instructions as
Chiasson’s and Newman’s.

— Bloomberg News

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