Christian Bittar has conviction for rigging interest rates quashed
Summary
Christian Bittar, a former trader convicted in 2018 for manipulating interest rates, has had his conviction overturned. This follows recent court decisions that quashed convictions of other traders involved in similar cases about rigging important financial rates like Euribor and Libor.Key Facts
- Christian Bittar worked for Deutsche Bank and was convicted of conspiracy to defraud in 2018.
- He is the eighth person to have a conviction for rigging interest rates overturned.
- Five other former bankers from Barclays also recently had their convictions quashed.
- The cases relate to manipulation of Euribor and Libor interest rates, which affect pensions, mortgages, savings, and many financial products.
- The UK Supreme Court found that earlier trials gave incorrect instructions to juries, leading to unfair trials.
- The Serious Fraud Office (SFO) originally charged these traders but did not contest some appeals.
- The SFO contested Bittar’s appeal but lost, while another convicted trader, Peter Johnson, plans to appeal.
- Legal representatives say the SFO has struggled to ensure fair trials in these complex fraud cases.
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