Deutsche Financial institution, ex-trader warn of difficult discovery in malicious prosecution lawsuit

The lawsuit introduced by derivatives dealer Matthew Connolly towards his former employer Deutsche Financial institution continues on the New York Southern District Courtroom.

The dealer seeks heavy compensation from his ex-employer over what he calls “the destruction of his life”.

On this motion, Connolly asserts a declare towards his former employer Deutsche Financial institution for malicious prosecution of a prison case introduced towards him for alleged manipulation of Deutsche Financial institution’s LIBOR submissions.

Connolly alleges that Deutsche Financial institution steered the prosecution towards him by offering the federal government with false and deceptive info (and omissions) each throughout the investigation—which the federal government successfully outsourced to Deutsche Financial institution—and through trial. Connolly claims that Deutsche Financial institution maliciously prosecuted him to deflect the federal government’s consideration from its prime executives. The Second Circuit exonerated Connolly of any wrongdoing.

Deutsche Financial institution maintains that plaintiff’s declare is meritless as a result of, amongst different causes, (1) the U.S. authorities, not defendant initiated plaintiff’s prosecution, (2) there was no lack of possible trigger to imagine plaintiff dedicated a criminal offense on the time of his prosecution and conviction (the Second Circuit subsequently reversed the conviction based mostly on its interpretation of the legislation), and (3) in any occasion, Deutsche Financial institution didn’t act with malice.

The Courtroom filings dated November 30, 2023, point out that the events request an prolonged discovery schedule because the allegations on their face cowl at the least a seven-year interval from 2005 to 2012, pertain to a sprawling, multi-jurisdictional authorities investigation that included a overview of “158 million digital paperwork . . . 850,000 audio information . . . almost 200 interviews . . . and . . . tons of of communications with the federal government,” contain supplies which might be, in lots of instances, greater than a decade outdated, and will implicate info lined by the lawyer shopper privilege, information safety statutes, amongst different issues. All of this might make discovery extra difficult and time intensive.

Whereas it stays Deutsche Financial institution’s place that focused and centered discovery is the best and environment friendly right here, Deutsche Financial institution expects figuring out, accumulating, and producing doubtlessly related info might require further time.



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