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US court finds 2 former Deutsche Bank traders guilty of Libor rigging

A U.S. court found two former Deutsche Bank AG traders guilty of conspiring to manipulate the London interbank offered rate between 2005 and 2011, Reuters reported.

Matthew Connolly, a former director of Deutsche Bank's pool trading desk in New York, and Gavin Campbell Black, a director of the bank's money market derivatives desk in London, were charged in 2016 with one count of conspiracy to commit wire fraud and bank fraud and nine counts of wire fraud. Connolly was convicted of three of six counts against him and was cleared on the other three, while Black was found guilty for both of the two counts against him, according to the Oct. 18 report.

U.S. District Judge Colleen McMahon said she would not set a sentencing date for the two individuals until after they have filed intended motions to challenge the verdict, Reuters added.

Two other former traders of Deutsche Bank, Timothy Parietti and Michael Curtler, had pleaded guilty of conspiring to rig Libor in the U.S. In April 2015, the German lender agreed a $2.5 billion fine to settle U.S. and U.K. probes related to the manipulation of the benchmark interest rate.