NY Court grants ex-Deutsche Bank traders’ request to depose former BBA LIBOR Director

Maria Nikolova

Judge Colleen McMahon nixes Government request to cut questions about BBA’s discussions with the Bank of England about LIBOR.

Matthew Connolly and Gavin Campbell Black, former derivative product traders at Deutsche Bank, have managed to secure US Court’s consent to depose John Ewan, ex-LIBOR Director of the British Bankers’ Association (BBA). Importantly, the former traders who stand accused of LIBOR rigging, have also succeeded in retaining the list of questions unchanged in the face of a push by the United States Government to remove the questions about the discussions between the BBA and the Bank of England about LIBOR.

On Tuesday, July 10, 2018, Judge Colleen McMahon of the New York Southern District Court signed an Order approving the request for the deposition. The Order includes a number of conditions.

First, the letter rogatory shall be in the form proposed by the United States Government, except that the Court does not agree to the Government’s proposed alteration of the list of questions to be asked of Mr. Ewan. This means that the question related to the talks between the BBA and the Bank of England about LIBOR will remain on the list.

Second, 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. The Judge agrees with the Government that the defense has waited until the eleventh hour and fifty ninth minute to make the request for deposition. The request could have been made far earlier than it was.

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

Finally, the Court ordered the US Government to do everything in its power to facilitate the taking of Mr. Ewan’s deposition in the next two months.

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

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

Digital Assets

Coinbase scores minor victory vs SEC, but lawsuit to proceed

A federal judge in Manhattan, U.S. District Judge Katherine Polk Failla, ruled on Wednesday that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Coinbase can largely proceed.

Web3

COTI Teams Up with Civic for Enhanced Digital Identity Control

СOTI and Civic are teaming up to enhance digital identity security in Web3, aiming to provide users with more control over their digital selves through innovative technology.

Digital Assets

BlockDAG Takes on Chainlink (LINK) Crypto, and RON With DeFi Card and 5000x Profit Potential

Explore BlockDAG’s innovative DeFi card, which transforms cryptocurrency into spendable cash, alongside Chainlink (LINK) crypto and Ronin’s advancements.

Digital Assets

Court finally decides on Sam Bankman-Fried sentence, experts predict 20 years

Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, is set to face sentencing on Thursday in a pivotal moment that could see the entrepreneur beginning a lengthy period in federal prison.

Crypto Insider

DeFi Winter Thaws: A Look at the Emerging Landscape

The past year has seen a significant shift in the Decentralized Finance (DeFi) market, transitioning from a period of decline (“DeFi winter”) to a potential season of growth.

<