Ex-Deutsche Traders Ask 2nd Circ. To Nix Libor Convictions

Law360 (May 6, 2020, 6:35 PM EDT) -- Two former Deutsche Bank traders asked the Second Circuit on Tuesday to reverse their convictions, saying prosecutors failed to prove they committed fraud with their involvement in tweaking the bank's benchmark submissions to profit its derivatives trades.

Matthew Connolly and Gavin Black were convicted in 2018 of fraud for their roles in a scheme to tweak lending estimates included in the Libor to benefit the bank's positions in derivatives tied to the benchmark. The pair argue in their briefs that their convictions should be tossed because prosecutors with the U.S. Department of Justice's Fraud Section failed to prove they committed fraud, and...

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