The trials of former mortgage-backed bonds trader Jesse Litvak are likely to go on, thanks to Thursday’s decision of the U.S. Court of Appeals for the Second Circuit to overturn his second conviction.

The panel, composed of Circuit Judges Ralph Winter, Denny Chin and U.S. District Judge Edward Korman of the Eastern District of New York, sitting by designation, agreed with Litvak that the Connecticut district court erred in allowing the jury to hear the testimony of a bond buyer who misstated the nature of the relationship he had with Litvak. The transaction the buyer was involved in was tied to the sole fraud count Litvak was convicted of during his second criminal trial in 2017.

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