Former Deutsche Bank execs face US Libor trial

Gavel

A pair of former Deutsche Bank executives are set to go on trial next month in New York for rigging the London Inter-bank Offered Rate (Libor).

Lawyers for Gavin Black, a UK citizen who worked for the bank’s London office, argued that his compelled testimony in the UK Libor trials would make his upcoming US trial unfair.

Under US law the fifth amendment to the constitution prevents the government from compelling people to incriminate themselves.

Read more: UBS emails shed light on alleged 'ringmaster' of Libor scandal Tom Hayes

However, the judge discounted this argument and Black is now set to stand trial on 18 June.

His former superviser at Deutsche, Matthew Connolly, is also set to stand trial.

Connolly directed the bank’s pool trading desk in New York between 2005 and 2008.

Last year former Rabobank traders Anthony Allen and Anthony Conti had their convictions for Libor rigging overturned in New York.

Read more: First Euribor-rigging trial kicks off today

An appeal court said their constitutional right against self-incrimination under the fifth amendment had been violated, because testimony they had been compelled to give UK regulators was used at their trial.

UK-based trader Tom Hayes, who used to work for banking giants UBS and Citi, was the first person to be jailed for rigging Libor.

He is currently serving an 11-year sentence after his latest appeal failed.

Hayes has consistently maintained his innocence and his case is now being reviewed by the Criminal Cases Review Commission after he failed to overturn his conviction in the Court of Appeal.

Full story: Former Deutsche Bank execs face US Libor trial: City A.M.

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News