According to Bloomberg, two former traders at Deutsche Bank AG were convicted by a New York jury of conspiring to rig LIBOR—a key interest-rate benchmark—handing a victory to US prosecutors targeting behavior by individuals at financial institutions that have paid billions of dollars to settle government claims.
On Wednesday, October 17, Matthew Connolly and Gavin Black were found guilty of trying to manipulate the London interbank offered rate (LIBOR), which is used to value trillions of dollars of financial products, from 2004 to 2011.
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