Law 360 – In a story about LIBOR reversal, Healthy Markets Executive Director Tyler Gellasch is quoted calling the opinion “a head scratcher in every respect,” and pondered what else prosecutors would have needed to do to secure a conviction. “There isn’t a reasonable dispute over whether the rates were manipulated. But the court suggests
that as long as it’s theoretically possible a knowingly false statement could be true, then somehow you may not be committing fraud.” “This outcome strains common sense and the law.” Gellasch argues that the Manhattan federal appeals court has cast significant doubt on the government’s ability to bring fraud and manipulation cases going forward. (Full Story).