New York Appeal Court Sets Aside Libor Convictions of Ex-Rabobank Traders

[kreslik.news]

A U.S. federal appeals court, aka the second circuit, has overturned the conviction of two former Rabobank traders who were sentenced to prison terms two years ago for manipulation of Libor, the leading benchmark for pricing financial transactions.

The court ruled that the trial judge incorrectly relied on compelled testimony, which cannot be used in U.S. criminal cases even when legally compelled by foreign authorities.

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After being convicted in the first U.S. trial arising from a global investigation into manipulation of Libor, Anthony Allen, Rabobank’s former global head ... (read more)