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Ex-Deutsche Bank Trader Gets Guilty Plea Tossed Out, $1 Million Fine Returned

  • Timothy Parietti was a key witness in New York Libor trial
  • Appeals court reversed the convictions of his ex-colleagues
Updated on

A federal judge in New York vacated the guilty plea of a former Deutsche Bank AG trader who admitted to conspiring with others to manipulate the Libor interest-rate benchmark, after an appeals court overturned the convictions of two of his ex-colleagues earlier this year.

Timothy Parietti “must be viewed as innocent” in light of the January reversal, US District Judge Paul Engelmayer ruled Friday in Manhattan. He also vacated a judgment of conviction against Parietti and ordered the government to “promptly return” the $1 million fine he paid as part of his sentence.