2nd Circ. Libor-Rigging Reversal Is A Boon For Defendants

By Rachel Maimin and Robert Johnston (February 11, 2022, 3:59 PM EST) -- The U.S. Court of Appeals for the Second Circuit's Jan. 27 reversal of the convictions of two former Deutsche Bank AG traders accused of rigging Libor in U.S. v. Connolly was rightfully big news in the white collar community.

The win in such a high-profile prosecution was a major success for defense counsel. But will the decision in U.S. v. Connolly have significant consequences for defense strategies in future fraud trials?

It's unlikely, as the Second Circuit's reasoning does not translate into an argument with much jury appeal, although the likelihood of a defendant ultimately prevailing in post-trial motion practice or on appeal has...

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