October 2017: Second Circuit Immunity Decision Upends Cross-Border Criminal Investigations -
The Second Circuit Court of Appeals’ recent decision in United States v. Allen, --- F.3d ----, 2017 WL 3040201 (2d Cir. July 19, 2017) (slip opinion available at https://goo.gl/FkfwNN), which holds that U.S. courts must give both use and derivative use immunity to individuals providing testimony lawfully compelled by a foreign government, will have far-reaching implications for all cross-border criminal investigations. The Allen case has the potential to be a landmark decision that could fundamentally change the relationships between the U.S. Justice Department and its counterparts around the world.
The LIBOR Investigations and Case Against Rabobank Traders -
The Allen case involves bankers accused of manipulating the London Interbank Offered Rate (“LIBOR”). LIBOR, an influential benchmark interest rate, is calculated daily based on submissions to a central panel from a select group of banks. The submitting banks provide estimates of how much it costs them to borrow money, and the central panel consolidates the submissions into one rate. Because LIBOR is the basis for numerous other loans—for example, commercial borrowers’ rates are commonly set at LIBOR plus some additional amount depending on their creditworthiness—the rate that the panel selects affects the rates applied to hundreds of trillions of dollars in securities and loans.
Please see full publication below for more information.
