Law360, New York (July 25, 2017, 11:59 AM EDT) -- Last week, in United States v. Allen, the Second Circuit vacated the convictions and dismissed the indictment of two traders for unlawful manipulation of the London Interbank Offered Rate based on the use of their compelled testimony. While many commentators predict this decision will substantially chill the government's cross-border law enforcement efforts, the effect will likely be far more modest. The government can, without much of a hiccup, modify its increasingly robust coordination with foreign law enforcement to address the issues Allen raises. The decision does, though, highlight important issues that lawyers defending individuals in cross-border investigations should consider.
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