Credit:William/Adobe Stock The Deutsche Bank LIBOR Case: When Justice Is Outsourced
In 2019, two former Deutsche Bank traders were convicted of wire fraud and conspiracy charges, which the Second Circuit later reversed. This case highlights two alarming trends: the DOJ outsourcing criminal investigations to private law firms and targeted institutions placing the blame for alleged wrongdoing on low-level employees to avoid more serious criminal consequences themselves.
March 29, 2024 at 10:00 AM
9 minute read
In October 2019, former Deutsche Bank traders Matthew Connolly and Gavin Black were convicted by a jury in the U.S. District Court for the Southern District of New York of wire fraud and conspiracy charges related to alleged manipulation of the London Interbank Offered Rate (LIBOR). In January 2022, the U.S. Court of Appeals for the Second Circuit reversed their convictions and ordered the entry of judgments of acquittal because the prosecution had "failed to prove" that Connolly or Black had engaged in any criminal conduct. United States v. Connolly, 24 F.4th 821, 843 (2d Cir. 2022).
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