US Court of Appeals Overturns LIBOR Convictions Based on Derivative Use of Compelled Testimony Lawfully Obtained in UK

September 01, 2017

In a decision with significant implications for cross-border criminal and regulatory investigations in both the UK and U.S., a panel of the U.S. Court of Appeals for the Second Circuit recently overturned two convictions for manipulating LIBOR based on the improper use of compelled testimony given to the UK Financial Conduct Authority (“FCA”) and used in the U.S. Department of Justice’s (“DOJ”) enforcement proceedings.

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