WASHINGTON — A federal appeals court reversed the convictions of two former Deutsche Bank traders found guilty of rigging a global lending benchmark, overturning one of the US government’s highest-profile court victories linked to the 2008 financial crisis.

The decision on 27 January dealt a blow to the legacy of an investigation into which Washington poured resources after the financial crisis, when prosecutors were criticised for not pursuing enough cases against individual traders and executives. The cases focused on how traders and brokers worldwide influenced the daily London interbank offered rate, known as Libor, which helped set the value of lucrative derivatives they traded and made banks appear healthier than they were.