A former Deutsche Bank AG trader accused of manipulating a benchmark interest rate tied to trillions of dollars in securities and loans appeared in a New York courtroom after agreeing he wouldn’t fight extradition from the U.K.
Gavin Black, a former trader, made a preliminary appearance in Manhattan federal court on Thursday. He and Matthew Connolly, who was a supervisor in New York, were charged in June with rigging the rate. Connolly has denied wrongdoing.
Connolly and Black conspired to manipulate Libor in a scheme that ran from 2005 to at least 2011, according to the U.S. indictment, with the participation of more than a half dozen other individuals at the bank, including managing directors and a vice president on desks that spanned Europe, North America and Asia.
The U.S. Libor probe has now led to charges against more than a dozen bankers and brokers. Of those, two former Rabobank Groep traders were convicted at trial while others -- including three from Rabobank and one from Deutsche Bank -- pleaded guilty.