2nd Circ. Reverses Deutsche Bank Traders' Libor Convictions

By Rachel Scharf (January 27, 2022, 5:44 PM EST) -- The Second Circuit on Thursday acquitted two former Deutsche Bank traders who were convicted of Libor-rigging in 2018, deeming the evidence at trial insufficient to prove that the pair made false statements to benefit the bank's derivatives positions.

The Second Circuit said, in acquitting the former traders of Libor-rigging, that according to Deutsche Bank Libor submitters who cooperated with the government, there was more than one hypothetical rate at which the bank "could" borrow on any given day. (AP Photo/Mark Lennihan) A unanimous three-judge panel reversed the fraud convictions of Matthew Connolly and Gavin Black. Both men were sentenced to home confinement in...

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