Deutsche Bank and Matthew Connolly have agreed to dismiss the former trader’s malicious prosecution.

This is made clear by a document filed by Connolly on July 10, 2024, in the Southern District Court of New York.

The Order of Voluntary Redundancy states:

“IT IS ORDERED AND AGREED, by and between the parties and their respective counsel, that the above action is voluntarily dismissed, with prejudice, against defendant Deutsche Bank AG pursuant to Federal Rule of Civil Procedure 41(a)(1). (A)(ii)’.

The case was filed in November 2022. The trader sought heavy damages from his former employer for what he calls “the destruction of his life.”

In this action, Connolly brought a claim against his former employer Deutsche Bank for malicious prosecution of a criminal case brought against him for allegedly manipulating Deutsche Bank’s LIBOR submissions.

Connolly alleged that Deutsche Bank led the prosecution against him by providing the government with false and misleading information (and omissions) both during the investigation — which the government effectively outsourced to Deutsche Bank — and during the trial. . Connolly claims Deutsche Bank maliciously prosecuted him to distract the government from its top executives. The Second Circuit cleared Connolly of any wrongdoing.

Deutsche Bank argued that the plaintiff’s claim lacks merit because, among other reasons, (1) the US government, not the defendant, prosecuted the plaintiff, (2) there was no lack of probable cause to believe that the plaintiff committed a crime in time of his prosecution and conviction (the Second Circuit subsequently reversed the conviction based on its interpretation of the statute), and (3) in any event, Deutsche Bank did not act with malice.


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