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A federal appeals-court panel has overturned the convictions of two former Rabobank traders in the scandal over attempted manipulation of the London interbank offered rate, or Libor, saying the men's Fifth Amendment right against self-incrimination had been violated.

The three-judge panel of the Second Circuit U.S. Court of Appeals in New York dismissed the charges against Anthony Allen and Anthony Conti, both former Rabobank traders who were convicted on conspiracy and wire-fraud charges in November 2015.

In a unanimous 81-page ruling Thursday, Second Circuit Judge Jose Cabranes wrote that the two men's convictions were tainted because a witness against them had been aware of testimony authorities in the U.K. had forced them to provide. Essentially, that testimony was used against them, Judge Cabranes wrote, and it was "not harmless beyond a reasonable doubt."

The ruling is a blow to authorities' attempt to pursue the traders and bankers involved in the scandal over Libor, a key interest rate that international banks charge each other and a global benchmark underpinning the costs of hundreds of trillions of dollars of financial products.

More than a dozen major banks allegedly rigged Libor to benefit themselves and have paid billions of dollars in fines and settlements. At least nine people, including Messrs. Allen and Conti, have been convicted or pleaded guilty to Libor-related charges in the U.S. and the U.K. Rabobank agreed in 2013 to pay more than $1 billion in settlements to U.S., U.K. and Dutch authorities, including a $325 million settlement with the U.S. Justice Department.

Write to Michael Rapoport at Michael.Rapoport@wsj.com

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Appeals court scraps Rabobank traders' convictions - MarketWatch

NEW YORK The head of an advanced-materials manufacturer said he met with President Trumps chief strategist, Steve Bannon, on Monday to persuade him that the United States should nationalize the countrys only mine of rare earth minerals, which are used in military applications.

The staff understood the urgency of the matter, Michael Silver,chief executive officer of closely held American Elements Corp., said in a phone interview after his White House meeting, which he said was also attended by presidential deputy assistant Sebastian Gorka and White House Chief of Staff Reince Priebus.

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The rare-earth mining operations in Mountain Pass, Calif., the last remaining assets of bankrupt Molycorp Inc., were bought in June by a group that drew objections from rival bidders, who said the winner has ties to the Chinese government.

The mine should be converted to a national laboratory dedicated to rebuilding Americas rare-earth mining industry so the world knows it is safe to build high-tech manufacturing plants in the US, Silver said.

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The production of rare-earth minerals used in applications from hybrid electric cars to iPhones and military hardware such asnight-vision goggles and guided weapons is dominated by low-cost Chinese companies. Molycorp Minerals and its parent, Molycorp Inc., filed for bankruptcy in 2015 after prices for the minerals fell below the mines costs to produce them.

Silver said he was invited to brief the president on the issue on Tuesday. The White House didnt respond to requests for comment.

Silver said hes proposing the US government apply the Takings Clause of the Fifth Amendment and acquire Mountain Pass by eminent domain.

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Any attempt to make the mine commercially viable would fail because no one can compete with China, which accounts for almost all the worlds rare-earth production, Silver said.

The perception is the only place in the world you can go for reasonably priced rare earth materials for your product is in China,he said. You have to change that perception.

Los Angeles-based American Elements manufactures metals and chemicals andhas a catalog of more than 15,000 products, according to its website. Silver said his company did business with Molycorp before its Mountain Pass became idle. Silverwas among the first Americans to set up a production and distribution supply chain from rare earth mines in Inner Mongolia and China to North America and Europe, according to documents on the company website.

The sale of Molycorps last remaining assets to one of two groups of creditors that had feuded over the facility was approved after complaints that the winning bidder, which is majority-owned by JHL Capital Group LLCand QVT Financial LP, had recruited an affiliate of Shenghe Resources Holding Co., which allegedly is tied to the Chinese government.

JHL Capital founder James Litinsky, who has been helping lead the effort to revive the mine, declined to comment.

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Trump urged by CEO to nationalize the only US rare-earths mine ... - The Boston Globe

Robert Feder (blog)

Robservations: Ebert named to Chicago Literary Hall of Fame Robert Feder (blog) At Kelly's 2008 trial on charges of making child pornography (for which he was acquitted), DeRogatis risked imprisonment when he took the Fifth Amendment and refused to testify about his confidential sources. The former Sun-Times critic co-hosts Sound ...

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Robservations: Ebert named to Chicago Literary Hall of Fame - Robert Feder (blog)

BLOOMINGTON A dispute over a coat led to a November shooting on Bloomingtons east side, prosecutors said Monday on the first day in the attempted-murder trial of Darvell Williams.

A six-man, six-woman jury was seated Monday before opening arguments and the states first witness, a woman who reluctantly testified against her former roommate.

Its a really simple case, Ghrist said. It will come down to common sense. The defendant took a 9 mm handgun and shot multiple times at Willie Love. Eight shell casings were found in the apartment the defendant was living in.

Williams is facing nine felony charges, including attempted murder in the Nov. 26 shooting that also damaged a mailbox in an apartment complex, a passing car and a window at Lowes Home Improvement at 2101 E. Empire St.

One of the charges, an aggravated unlawful use of a weapon into a vehicle, against Williams was dropped in court Monday.

Defense attorney Brian McEldowney asked the jurors to keep an open mind and to listen to all of the evidence before making a decision on Williams' guilt or innocence.

These are volatile charges and our natural reaction is to get angry, but please listen to all of the testimony before making a judgment, he said.

The state called Chiquan Felton to the stand, who attempted to avoid Ghrists questions.

I plead the Fifth, she said. I have nothing to say.

Ghrist reminded her that she was not facing charges, so there were no grounds to invoke the Fifth Amendment protection against self-incrimination.

After excusing the jury, Judge Robert Freitag explained that she had to be truthful with her testimony.

You are here pursuant to a court order and if you are asked a question, you must answer truthfully, and if you refuse, you could be held in contempt of court and be held in county jail until you decide to answer, he said.

When the jury returned, Felton testified that she never saw Williams shoot at Love because her back was turned while she was trying to open the door to the apartment she shared with Williams.

I heard gunshots, but I never saw him shoot at him, she said. Where I come from, you run away from gunshots.

The trial is expected to conclude Tuesday or Wednesday. Testimony will resume at 9 a.m. Tuesday.

Follow Kevin Barlow on Twitter: @pg_barlow

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Prosecutor: Attempted murder began with feud over coat - Bloomington Pantagraph

The Telegraph

Big school district lawsuit may be put on hold while prosecutors pursue criminal case The Telegraph What's more, they contend Culver and his company won't be able to adequately defend themselves in the civil case without invoking their fifth amendment rights against self-incrimination, which could also have a negative impact in the civil case. The ...

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Big school district lawsuit may be put on hold while prosecutors pursue criminal case - The Telegraph