Ex-Deutsche Bank trader's rate-rigging conviction overturned

Summarised from 2 outlets · Updated 9 Oct, 17:49 · Archive

A Court of Appeal has overturned the conviction of Christian Bittar, a former Deutsche Bank trader jailed in 2018 for manipulating the Euribor interest rate.

The Court of Appeal has quashed the conviction of Christian Bittar, a former Deutsche Bank trader who was imprisoned in 2018 on charges of conspiracy to defraud and manipulating the Euribor interest rate. Bittar told the BBC after the ruling: 'I have waited a very, very long time for this day.'

Bittar is the eighth person to have their conviction overturned from the rate-rigging scandal. Five former Barclays bankers—Jay Vijay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham—had their convictions quashed on Wednesday. An earlier Supreme Court ruling overturned convictions of Tom Hayes, a former UBS and Citigroup trader, and Carlo Palombo, a former Barclays trader, opening the door for other convictions to be challenged.

The Supreme Court had found that trial judges gave 'inaccurate and unfair' instructions to juries that deprived the men of a fair trial. Bittar and the other traders had been convicted of manipulating Euribor or the now-defunct Libor lending rates, which affected pensions, mortgages, savings and hundreds of trillions of pounds and euros worth of financial products worldwide.

One former trader remains convicted: former Barclays trader Peter Johnson, who pleaded guilty to the charges. The BBC reports that Johnson has now applied to appeal against his conviction.

How it is being reported

• Christian Bittar has conviction for rigging interest rates quashedFormer City banker becomes eighth to clear their name, just days after five others were acquitted Former City trader Christian Bittar has become the eighth person to have his conviction for rigging interest rates quashed, just days after five other former bankers also successfully cleared their names . Christian Bittar, who previously worked for Deutsche Bank, was convicted in 2018 of conspiracy to defraud. Continue reading...The Guardian · 9 Oct, 16:59
• Ex-Deutsche Bank trader jailed for rigging rates has conviction overturnedThe Court of Appeal quashes the conviction of Christian Bittar, a former Deutsche Bank trader jailed in 2018.BBC Business · 9 Oct, 15:36

In this story: Christian Bittar · Deutsche Bank · Barclays · Tom Hayes · Carlo Palombo

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