A US Federal Court of Appeals sitting in New York City set aside the convictions of Anthony Allen and Anthony Conti, two former Rabobank traders, for their alleged role in the bank’s manipulation of London Interbank Offering Rates through the LIBOR submission process at various times from mid-2005 through 2011. The court set aside the 2015 conviction of the two traders because of the use of testimony they were required to give to UK regulators in their US trial. According to the court, “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.” (Click here for background on the conviction of Mr. Allen and Mr. Conti in the article “Alleged Criminal Conduct Snares Multiple Ex-Financial Services and Regulator Defendants in New York” in the November 8, 2015 edition of Bridging the Week.) Separately, the US Attorney’s Office in NYC announced that it was dropping all criminal charges against Javier Martin-Artajo and Julien Grout for their alleged role in JP Morgan Chase’s credit default swaps trading in 2012 that resulted in a loss to the bank of over US $5.8 billion – the so-called “London Whale” incident. (Click here for background on this incident in the article “US CFTC Files and Settles Charges against JP Morgan Chase Bank Employing Its New Anti-Manipulation Authority Related to Certain of the Bank's London Whale Trading” in the October 23, 2013 edition of Bridging the Week.) Among other things, the prosecutors believed they could no longer rely on the testimony of Bruno Iksil, the nicknamed “London Whale” and a former colleague of the two defendants, because of his public statements and writings.