Two former Rabobank traders on Thursday lost a bid to overturn their convictions arising from an international investigation into the manipulation of Libor, the leading global benchmark for pricing financial transactions.
Reuters reports that U.S. District Judge Jed Rakoff in Manhattan declined to dismiss the case against Anthony Allen and Anthony Conti, the former traders from the United Kingdom, who argued that their rights against self-incrimination were violated.
The decision came three months after a federal jury in Manhattan found Allen, 44, and Conti, 46, guilty of conspiracy and wire fraud in the first U.S. trial spilling out of a global benchmark rigging investigation.
Prosecutors accused Allen, Rabobank's former global head of liquidity and finance, and Conti, a former senior trader, of engaging in a scheme to manipulate the U.S. dollar and yen Libor rates to benefit the lender's trading positions.
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