Former Deutsche Bank star trader Christian Bittar has had his rate‑rigging conviction overturned by the Court of Appeal, a setback for the SFO. The decision follows the recent quashing of 5 former Barclays traders’ convictions and adds to a series of legal reversals that have defined the UK’s post‑crisis crackdown on City of London traders.
Bittar pleaded guilty in 2018 at Southwark Crown Court to manipulating the Euribor rate, a key benchmark. The SFO’s James Waddington KC argued the plea was proof of guilt, but Adrian Darbishire KC for Bittar said it was “grotesquely unfair” because the judges’ directions were later deemed erroneous by the Supreme Court. A panel of three senior judges – Lord Justice Edis, Mr Justice Goose and Mr Justice Moody – ruled the conviction should be quashed.
Bittar welcomed the outcome, saying he had waited a very long time for justice and thanked those who supported him. Jason Williams, head of the SFO’s fraud and corruption division, said the office respected the decision while remaining committed to tackling complex financial crime. The case underscores ongoing scrutiny of benchmark manipulation in the wake of the Libor scandal.
Source: Financial Times Companies · Summarized by HeadlinesBriefing