Analysis

Libor Reversal Draws Fine Line Between 'Wrong' And Fraud

By Dean Seal (February 1, 2022, 11:18 PM EST) -- The Second Circuit's controversial decision last week to overturn convictions for two former Deutsche Bank traders accused of rigging Libor has drawn criticism from some former government attorneys and underscores the proven challenges of prosecuting fraud on Wall Street.

A unanimous three-judge panel ruled on Jan. 27 that the U.S. Department of Justice had not presented enough evidence to support the fraud convictions of Matthew Connolly and Gavin Black, former Deutsche derivatives traders charged with pressuring bank employees to falsify lending estimates submitted for the calculation of the London Interbank Offered Rate, or Libor.

Deutsche Bank's Libor submitters testified at trial...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!