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...

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