Two former Rabobank Groep traders are seeking to have their Libor-rigging convictions overturned by a New York judge whose decision could have far-reaching ramifications for U.S. prosecutors probing cross-border financial crimes.
Bloomberg News reports that U.S. District Judge Jed Rakoff has been asked to issue the first ruling in what is likely to be a recurring legal question: whether American prosecutors can rely on evidence gathered overseas in a manner that would violate U.S. laws.
Anthony Allen and Anthony Conti were convicted last month of rigging the London interbank offered rate to benefit their trading positions and those of their colleagues in the first such case brought by the U.S. government.
The defendants argued the prosecution was tainted because of testimony by the government’s star witness, Paul Robson, who had read 300 pages of statements they were required to give U.K. investigators in a parallel investigation in London.
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