Ex-Deutsche Bank Trader Sues Bank for Malicious Prosecution
- US appeals court cleared Connolly of wire fraud in Libor case
- Suit claims bank sought to blame traders in rate-fix case
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A former Deutsche Bank AG trader cleared of charges that he rigged the Libor benchmark rate has sued the bank for malicious prosecution, saying the company made false and misleading statements to get him prosecuted in the US.
The trader, Matthew Connolly, and a colleague, Gavin Black, were found guilty in New York of wire fraud for rigging Deutsche Bank’s Libor submission in 2018. But an appeals court cleared them in January, saying prosecutors failed to prove the two men influenced the bank into making false or misleading submissions.