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Ex-Deutsche Bank Traders’ Libor Convictions Tossed on Appeal

  • Matt Connolly and Gavin Black’s 2018 convictions were tossed
  • U.S. appeals court said prosecutors had insufficient evidence
Updated on

Two former Deutsche Bank AG traders were cleared by an appeals court in the latest blow to the troubled transatlantic crackdown on manipulation of the London interbank offered rate.

Matthew Connolly and Gavin Black were found guilty of wire fraud in 2018 for rigging Deutsche Bank’s Libor submission. But the U.S. Court of Appeals in Manhattan on Thursday threw out their convictions, saying prosecutors failed to prove the two men influenced the bank into making false or misleading submissions.