Ex-Deutsche Traders Urge 2nd Circ. To Nix Libor Convictions

By Stewart Bishop (April 14, 2021, 9:39 PM EDT) -- Two former Deutsche Bank traders on Wednesday argued that the Second Circuit should reverse their convictions for Libor-rigging, saying the government failed to prove they violated any of the applicable rules governing the benchmark interest rate.

Matthew Connolly and Gavin Black in 2018 were convicted at trial of wire fraud and conspiracy for their roles in a purported scheme to tweak lending estimates included in Libor to benefit the bank's derivatives trading positions.

Libor, or the London Interbank Offered Rate, is a benchmark interest rate calculated from estimates from global banks of lending costs to one another for short-term loans....

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