When asked about late trading, several lawyers told hedge funds and other traders that even certain trades taking place at 5:45 would be considered legal, The Wall Street Journal reports.

Seeing that investigations into late trading would begin to spiral in all directions, many traders went to well-known law firms like Akin Gump Straus Hauer & Feld and Piper Rudnick, people close to the current regulation inquiries said.

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