Defense of ex-Deutsche Bank traders aims to use 88 documents in deposition of former BBA director

Maria Nikolova

The Government continues to view as helpful John Ewan’s prior testimony that it was forbidden by the definition for LIBOR panel banks to make interest rate submissions that suited their derivatives traders’ books.

As the start of the trial in a LIBOR-rigging case targeting Matthew Connolly and Gavin Campbell Black, former derivative product traders at Deutsche Bank, approaches, the deadlines to secure crucial testimony are tight. The defense of the two traders, which has secured a New York Court permission to depose former British Bankers’ Association (BBA) director John Ewan, is now working on the details of the deposition.

The US Government, which is a party in this case, is not remaining passive either with regard to this testimony. On Wednesday, August 22nd, the Department of Justice filed a Letter with the New York Southern District Court informing Judge Colleen McMahon of the latest developments around this deposition.

The parties in the case have been in contact with the BBA’s counsel at Latham & Watkins, and, although no certain date can be confirmed yet, Mr Ewan and defense counsel are holding September 6 and 7 as potential dates for the deposition pending its compulsion by the UK court.

Defense counsel have identified 88 documents for which they are seeking the BBA’s certification, which may be used at Mr Ewan’s deposition. While the defense has not yet identified which of these documents they will be using as deposition exhibits, based on a preliminary review, the US Government anticipates to object to certain documents on the grounds they are irrelevant, cumulative, and/or hearsay.

Additionally, the DOJ has requested admission of certain portions of Mr Ewan’s prior trial testimony in the event his deposition cannot take place before trial. The government continues to view Mr Ewan’s prior testimony as helpful (though not necessary) to its case in chief, including his testimony that it was forbidden by the definition for LIBOR panel banks to make interest rate submissions that suited their derivatives traders’ books.

The Judge has stressed that there will be no delay in the trial of this action. The jury will be selected on September 17, 2018, whether the deposition of Mr Ewan has been concluded or not.

“This trial has been postponed three times. It will not be postponed a fourth time for any reason”, the Judge said.

Mr Ewan is expected to offer material testimony concerning the considerations and flexibility allowed by the BBA in the interpretation of the LIBOR definition. According to the defense, he is set to provide exculpatory evidence to counter the Government’s argument that the Deutsche Bank USD LIBOR submissions “were false precisely because they did not conform to the BBA’s definition.”

The case is captioned USA v. Connolly (1:16-cr-00370).

Read this next

Retail FX

Axi extends partnership deal with Manchester City

FX broker Axi, previously known as AxiTrader, has renewed its flagship sponsorship deal with soccer giant Manchester City.

Digital Assets

Russia delays digital ruble pilot to May

Russia has postponed its central bank digital currency (CBDC) pilot indefinitely, which was originally scheduled for April 1, as it awaits specific legislation to be voted before the “crypto ruble” trial.

Executive Moves

Scope Markets promotes James Hughes to head of marketing

Belize-based FX and CFDs brokerage Scope Markets has promoted James Hughes, who until recently was its head of brand, to take on an expanded role as the company’s global head of marketing.

Retail FX

Fraudsters clone Financial Commission’s website, two ex-members under suspicion

The Financial Commission, an industry-specific dispute resolution service that caters to the financial services industry, today announced that it believes a clone website has been impersonating its membership roster.

Retail FX

CMC Markets warns of operational challenges in Q1

CMC Markets PLC (LSE:CMCX) said in a trading update for the fiscal year 2023 that February and March posed a more challenging environment with lower equity volumes and a higher proportion of lower margin institutional trading activity.


Why Is Digital PR So Important for Financial Service Providers? Buzz Dealer’s CEO Uri Samet with the Answers

Digital PR is all about spreading your message faster, wider, and stronger in the online world, through proper SEO, link-building, and organic and paid social media work.

Inside View

Why And How Are Virtual Cards Disrupting The Finance Industry

Virtual cards have the potential to revolutionize the finance industry by providing faster and more secure payments, wider acceptance, and eco-friendliness.


Sweat Economy’s Oleg Fomenko on upcoming launch of Move-to-Earn app in the US

With the crypto winter’s biggest hurdles seemingly behind us as the prices of Bitcoin et al. climb the charts again, the Web3 economy is preparing for the next phase.

Industry News

OptionMetrics acquires Woodseer to add dividend forecast data for equities

“The addition of Woodseer’s product suite will enhance our ability to serve financial market stakeholders and academic institutions in their analysis of equity market performance and risk.”