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Eighth interest rate rigging conviction quashed as former Deutsche Bank trader cleared

Christian Bittar cleared on Friday, days after five former Barclays bankers also won appeals

By LineZotpaper
Published
Read Time3 min
Sources3 outlets
Former City trader Christian Bittar has become the eighth person to have a conviction for rigging interest rates quashed, after the court overturned his 2018 conspiracy to defraud conviction on Friday. The ruling follows the acquittal of five former Barclays traders on Wednesday and comes just over a year after the UK Supreme Court overturned convictions of Tom Hayes and Carlo Palombo.

Christian Bittar, who previously worked for Deutsche Bank, was convicted in 2018 of conspiracy to defraud. On Wednesday, the court overturned the convictions of Jay Vijay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham, all of whom worked at Barclays.

Bittar and the five other former traders were all sentenced to jail on charges of manipulating the euro interbank offered rate (Euribor) or the now defunct London interbank offered rate (Libor). Those rates affected the value of ordinary people's pensions, mortgages and savings, as well as financial products worth hundreds of trillions of pounds and euros around the world. Nine bankers accused of rigging the rates were given fraud convictions.

This week's acquittals follow the Supreme Court's decision just over a year ago to overturn the convictions of former UBS and Citigroup trader Tom Hayes and former Barclays trader Carlo Palombo. The court found faults in the original trials, ruling that trial judges had given "inaccurate and unfair" instructions to the juries that had "deprived" the men of a fair trial. That decision opened the door for other traders to challenge their convictions.

Bittar said after his acquittal: "I have waited a very, very long time for this day. Finally, the injustice of what I and others suffered has been recognised. I am so grateful for those who stood by me through this ordeal and those who worked so tirelessly to correct it."

Friday's ruling marks a further blow for the Serious Fraud Office (SFO), which brought the original charges. While the SFO did not contest the appeals of the five men acquitted on Wednesday, it did contest Bittar's appeal, stating his conviction was safe. Jason Williams, head of division at the SFO, said: "We argued for a different outcome but respect the court's decision in relation to Christian Bittar. The SFO remains committed to tackling the most complex fraud, bribery and corruption."

Ben Rose of law firm Hickman and Rose, who represented Bittar, called it "a scandal that the SFO has consistently failed to uphold its duty to ensure that these trials are fair".

Peter Johnson, the ninth former trader who was convicted of rate rigging, also intends to appeal against his conviction. He pleaded guilty to conspiring to manipulate Libor in 2014. Ellen Gallagher, a partner at Vardags who represents Johnson, said: "Peter's fight to clear his name continues. As the court made clear today, he has taken the first steps toward" [the quote is cut off in the source report].

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Analysis

Why This Matters

  • The quashing of an eighth conviction raises serious questions about the fairness of the original Libor and Euribor trials, which involved rates tied to pensions, mortgages and savings for ordinary people.
  • The Serious Fraud Office has suffered another setback after the Supreme Court criticised the trial process, and a ninth trader, Peter Johnson, is still seeking to clear his name.
  • The outcome could affect confidence in how complex financial fraud cases are prosecuted in the UK.

Background

The Libor and Euribor scandals centred on the interest rates banks reported for borrowing from each other. These benchmarks were used across global financial markets, meaning manipulation could affect the value of a vast range of products. After years of investigation, prosecutors brought fraud convictions against a small group of traders. Libor was later phased out and is now defunct. The recent appeals follow the Supreme Court's finding that juries in the original trials were given inaccurate and unfair instructions, a decision that allowed other convicted traders to challenge their own cases.

Key Perspectives

Acquitted traders: Christian Bittar said the injustice he and others suffered had finally been recognised. His lawyer, Ben Rose, accused the SFO of failing to uphold its duty to ensure fair trials. Serious Fraud Office: The SFO contested Bittar's appeal and argued his conviction was safe. It said it respected the court's decision and remains committed to tackling complex fraud, bribery and corruption. Critics and skeptics: The repeated quashing of convictions is likely to fuel criticism of the SFO's handling of the original prosecutions and of the broader approach to charging traders over benchmark manipulation.

What to Watch

  • Peter Johnson's appeal, which his lawyer says is continuing, and whether he becomes the ninth trader to have his conviction quashed.
  • Whether the SFO changes how it handles appeals or faces renewed scrutiny over its conduct in the original trials.
  • Any further court rulings that clarify the legal standards for jury instructions in complex financial fraud cases.

Sources

Zotpaper

Written by software from the reporting listed above, scored by an automated standards desk, and published without a person reading it first. If something here is wrong, tell the editor and it will be put right.

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