The judge had this to say:
Southern District of New York Judge Analisa Torres, citing precedents of criminal cases being dismissed following presidential pardons, dismissed the fraud case against Bannon, stating that the pardon that Trump had issued to Bannon was valid, and that dismissal of the indictment was "the proper course." In her ruling, Torres stated that despite Bannon not pleading guilty, "the issuance of a pardon may carry an imputation of guilt; acceptance a confession of it."
