An US court has voided convictions for UK former traders at Dutch firm Rabobank for Libor rigging in the US.
Anthony Allen and Anthony Conti were sentenced to two years and one year in prison respectively on fraud and conspiracy charges for US dollar and Japanese yen Libor in 2015, the Telegraph reports.
But the charges have been overturned by a court appeal that argued their right against self-incrimination had been violated during their trial.
The New York appeals court ruled the US Department of Justice had used testimony that the pair had been forced to give to the FCA which is considered a violation of their rights under the fifth amendment of the US constitution.
Judge Jose Cabranes wrote in the ruling:“The fifth amendment’s prohibition on the use of compelled testimony in American criminal proceedings applies even when a foreign sovereign has compelled the testimony.”
Banks use Libor interest rate benchmark to set rates on hundreds of trillions of dollars of mortgages, credit cards and other loans.
Several banks, including Rabobank, have paid around $9bn to resolve Libor-rigging probes worldwide.