Circuit Puts Fifth Amendment Front and Center in Libor Conviction Reversal
Two former U.K.-based traders convicted for their involvement in the London Interbank Offered Rate exchange scandal saw the Second Circuit toss their entire case Wednesday, including indictments.
July 19, 2017 at 06:04 PM
13 minute read
Two former U.K.-based traders convicted for their involvement in the London Interbank Offered Rate exchange scandal saw the U.S. Court of Appeals for the Second Circuit toss their entire case Wednesday, including indictments. The panel's reasoning focused on Fifth Amendment grounds regarding the use of compelled testimony gathered in foreign jurisdictions in cases occurring in the United States.
Yet, in the 81-page decision in United States v. Allen, 16-898-cr, the panel of Judges José Cabranes, Rosemary Pooler and Gerard Lynch indicated that there were “substantial” issues at play in the case beyond the constitutional questions, some of which cropped up during oral arguments. These issues appear to have helped guide the circuit's decision and may force the government to change how it pursues foreign defendants going forward.
Debevoise & Plimpton partner Sean Hecker, who was not involved in the case, said the decision has obvious implications for multijurisdictional cases, including current Libor-related cases, but also in the government's Foreign Corrupt Practices Act cases as well. Hecker said the decision is likely to mean the government will have to respond “in real time” to ongoing investigations that anticipate compelled testimony being used.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllLululemon Faces Legal Fire Over Its DEI Program After Bias Complaints Surface
3 minute readPoll Workers Seek Contempt Against Rudy Giuliani, Alleging Continued Defamation
Rudy Giuliani's Attorneys Seek Withdrawal in Debt Enforcement Case
Trending Stories
- 1'The Show Must Go On': Solo-GC-of-Year Kevin Colby Pulls Off Perpetual Juggling Act
- 2Legal Speak at General Counsel Conference East 2024: Match Group's Katie Dugan & Herrick's Carol Goodman
- 3Legal Speak at General Counsel Conference East 2024: Eric Wall, Executive VP, Syllo
- 4Battle for Top Talent Accelerates Amid Profit and Demand Surge
- 5Friday Newspaper
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250