The 2nd Circuit Court of Appeals in New York overturned on July 18, the convictions of two former Rabobank traders in the first US criminal appeal related to investigations into the manipulation of the LIBOR interest rate.
The court ruled the constitutional rights against self-incrimination of the former traders, Anthony Allen and Anthony Conti, both from the UK, had been violated.
Prosecutors alleged Allen and Conti participated in a five-year conspiracy at Rabobank to rig yen and dollar Libor rates. They relied on testimony from three former Rabobank traders who pleaded guilty as part of cooperation deals, as well as emails and instant messages that were sent at the time.
Lawyers for Allen and Conti argued that while others at the bank may have been trying to rig Libor, their clients had submitted honest rate estimates. They further argued that prosecutors took documents out of context and that cooperating witnesses lied about the roles of Allen and Conti in the scheme in the hope of gaining leniency.
Full Content: The Guardian