Matthew Connolly Sues Deutsche Bank for $150 Million for Malicious Prosecution
November 18, 2022
Matthew Connolly, a former Deutsche Bank director, who was exonerated of all allegations relating to LIBOR market manipulation, has sued his former employer, Deutsche Bank, for $150 million for malicious prosecution. The civil action was filed today in the United States District Court in the Southern District of New York,
Mr. Connolly, who was originally indicted in the Southern District of New York, was acquitted of all charges by the Second Circuit Court of Appeals in a decision which ruled that he had not engaged in any wrongful conduct. The Second Circuit found that none of Mr. Connolly's actions constituted a crime - in other words, that Mr. Connolly was actually innocent of any wrongdoing.
This follows findings from Judge McMahan in the District Court that of all individuals at Deutsche Bank involved in any way in LIBOR pricing, Mr. Connolly “was barely a player at all, “was” the least culpable person I have heard about,” and that what “was going on was no secret, and was – from all the evidence I have seen and heard – encouraged, if not orchestrated, by senior officials at the bank for the benefit of the bank.”
The complaint alleges that Mr. Connolly was wrongfully scapegoated by Deutsche Bank to protect those senior officials referred to by Judge McMahon. Ultimately, not a single individual from Deutsche Bank senior management was charged with any crime, and the penalties assessed against the bank were reduced by $750 million because of the bank's cooperation with the government. The complaint alleges this "cooperation" included offering up Mr. Connolly as the fall guy. The lawsuit further alleges that a Deutsche Bank employee perjured himself at Mr. Connolly's trial.
The lawsuit seeks at least $150 million to compensate Mr. Connolly for the destruction of his career and his life.
The Harris St Laurent & Wechsler team representing Mr. Connolly includes partners Jonathan Harris and David Wechsler, counsel Julie Withers and associate Daniel Grossman, along with Doctor of Psychology Monica Delgado.
Since its filing on November 17th, it has been profiled by the following outlets: