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United States v. Matthew Connolly and Gavin Campbell Black - Updates

Pending Criminal Division Cases

United States v. Matthew Connolly and Gavin Campbell Black

Court Docket No.: 1:16-cr-00370-CM

Court Assigned: This case is assigned to U.S. Chief District Judge Colleen McMahon, U.S. District Court for the Southern District of New York, Daniel Patrick Moynihan, United States Courthouse, 500 Pearl St., New York, NY 10007-1312.

Latest Update: The Second Circuit Court of Appeals has reversed the judgement of conviction in this matter and defendant’s Connolly and Black have been acquitted on all counts.  

Overview: On October 17, 2018, a jury convicted former Deutsche Bank supervisor Matthew Connolly of one count of conspiracy to commit wire and bank fraud and two counts of wire fraud, and former derivatives trader Gavin Campbell Black of one count of conspiracy to commit wire and bank fraud and one count of wire fraud.

Connolly was Deutsche Bank’s director of the Pool Trading Desk in New York, where he supervised traders who traded USD LIBOR-based derivative products.  Black was a director on Deutsche Bank’s Money Market and Derivatives Desk in London, who also traded USD LIBOR-based derivative products.  In order to increase Deutsche Bank’s profits on derivatives contracts tied to the USD LIBOR, Connolly directed his subordinates to reach out to Deutsche Bank’s LIBOR submitters to ask them to submit false and fraudulent LIBOR contributions consistent with his traders’ or the banks’ financial interests, rather than the honest and unbiased costs of borrowing, the evidence showed.  The jury also heard evidence that Black asked Deutsche Bank’s cash traders who were responsible for submitting the bank’s LIBOR rates to ask that they adjust their submissions to favor his derivative trading positions. 

According to evidence at trial, several Deutsche Bank LIBOR submitters accommodated the defendants’ LIBOR manipulation requests.  LIBOR is an averaged interest rate, calculated based on submissions from lending banks around the world, reflecting the honest and unbiased rates those banks believed they would be charged if borrowing from other banks.  LIBOR was published by the British Bankers’ Association, a trade association based in London.  The published LIBOR “fix” for USD currency was the result of a calculation based upon submissions from a panel of 16 banks, including Deutsche Bank.

In April 2015, Deutsche Bank entered into a deferred prosecution agreement to resolve wire fraud and antitrust charges and Deutsche Bank Group Services (UK) Limited pleaded guilty to one count of wire fraud, collectively agreeing to pay a $775 million fine, for the bank’s role in the scheme. 

Defendants Connolly and Black were charged in a superseding indictment on August 18, 2016, with one count of conspiracy to commit wire fraud and bank fraud.  This indictment also charged Connolly with six counts of wire fraud and Black with three counts of wire fraud.  The defendants were originally indicted on May 31, 2016, on similar charges. 

For more information about related LIBOR cases, please see the links below:

United States v. Paul Robson et al. Court Docket Number: 1:14-cr-00272 (S.D. New York)

United States v. DB Group Services (UK) Limited (and Deutsche Bank AG) - Court Docket Number: 3:15-cr-00062-RNC (3:15-cr-00061-RNC)

For more information about the charges in this case, please see below:
Press Release
Superseding Indictment

Victim Impact Statement:  If you would like to submit a Victim Impact Statement, you may do so by mailing the Victim Impact Statement below (or a letter to Judge McMahon) to: Victim Witness Unit, U.S. Department of Justice, Criminal Division, Fraud Section, 10th & Constitution Avenue, NW, Bond Building, Room 4416, Washington, DC 20530. You also may submit the Victim Impact Statement via email at or by fax at: (202) 514-3708.

Victim Impact Statement (PDF)

The information on this website will be updated as new developments arise in the case. If you have any questions, please call the Victim Assistance Line toll-free at (888) 549-3945 or email us at

Crime Victims’ Rights Act and Right to Retain Counsel: The Crime Victims’ Rights Act (18 U.S.C. § 3771) applies only to victims of the counts charged in federal court, and thus individuals may not be able to exercise all of these rights if the crime of which the individual is a victim was not charged. Section 377I(c)(2) of this Act requires that we advise you that you have the right to retain counsel. Although the statute specifically sets forth your right to seek advice of an attorney with regard to your rights under the statute, there is no requirement that you retain counsel. The Government may not recommend any specific counsel, nor can the government (or the court) pay for counsel to represent you. Government attorneys represent the United States.

If you elect to obtain counsel to represent your interests, please have your attorney notify this office in writing at: U.S. Department of Justice, Criminal Division, Fraud Section, 10th & Constitution Avenue, NW, Bond Building, 4th Floor, Washington, DC 20530, Attention: Victim Witness Unit; fax: (202) 514-3708; or email: If you elect not to retain counsel to represent your interests, you do not need to do anything.

Updated September 27, 2023