The Justice Department trumpeted its criminal prosecutions against defendants charged with Libor-rigging. It had a right to toot its own horn. But many of these convictions have not withstood the scrutiny of appellate courts. Recently, the US Court of Appeals for the Second Circuit, in United States v. Connolly, reversed the criminal convictions of Matthew Connolly and Gavin Black. Interestingly, the Second Circuit panel rejected...
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