Bank rate | Conviction of an interest rate "rigger" was overturned.

A British former trader has had a conviction in the US for "rigging" interest rates overturned despite pleading guilty.

Mike Curtler, a former employee of Deutsche Bank, was one of 38 former traders and brokers who were charged with crimes after their actions were deemed unlawful by the US Department of Justice ten years ago.

However, a US appeals court determined earlier this year that no laws had been committed.

Attorney for Mr. Curtler expressed their "great satisfaction" with the outcome.

38 former brokers and traders have faced legal action in the last eight years for asking coworkers in emails and messages to adjust their estimates of the cost of borrowing money to suit their bank's business interests. The US Department of Justice deemed this practice to be illegal interest rate "rigging" in 2012 and fined Barclays Bank for it.

ToLabor calculates Libor (London Interbank Offered Rate), an index that measures the cost of borrowing money, and estimates of the interest rates banks were pawas were provided every morning.

Labor records the interest rates banks pay to borrow money on the wholesale money markets, just like the FTSE tracks share prices.

It has been used for the past 35 years to determine the interest rates on countless residential and business loans all around the world.

Each day, 16 banks respond to the query of what interest rate they may borrow money to calculate LIBOR. They provide their responses, and an average is calculated.

Messages and emails asking for such interest rates to be submitted "high" or "low" were the basis for the evidence against Mike Curtler and other dealers.

To avoid the possibility of up to 15 years in a US prison if he went to trial, Mike Curtler entered a guilty plea. He acknowledged acting on the emails' directions.

However, a US appeal court decision in January of this year that the requests were indeed valid after all, clearing former brokers Gavin Black of Middlesex and Matt Connolly of New Jersey.

With the argument that they must be treated as innocent, US courts are now clearing even individuals who pleaded guilty, like Mike Curtler.

"I'm relieved that the US legal system found our actions to be legal. Although the last ten years have been awful, hopefully, we can now begin to rebuild, "The BBC was told by Mr. Curtler.

David Krakoff, the attorney for Mr. Curtler, stated: "We are incredibly happy that Mike Curtler has been cleared and that the courts have ruled that there was no misconduct."

A New York court overturned the 56-year-old former trader Tim Parietti's conviction a month ago and ordered the government to pay back a £1 million punishment.

The only nation in the world where convictions for "rigging" interest rates have thus far been upheld in the UK.

Tom Hayes, Peter Johnson, Jonathan Mathew, Alex Pabon, Jay Merchant, Christian Bittar, Philippe Moryoussef, Carlo Palombo, and Colin Bermingham are among the nine people who have been found guilty in the UK.

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