Ex-Deutsche Bank trader jailed for rate-rigging has conviction quashed

A former Deutsche Bank AG trader jailed after being accused of manipulating lending rates has had his conviction overturned by the Court of Appeal following a legal error.

Christian Bittar, described at his sentencing as a "world-class trader" who earned up to £47 million a year, was jailed for more than five years in 2018 for an offence relating to manipulating the Euro Interbank Offered Rate (Euribor).

He applied to have his conviction quashed after a Supreme Court ruling last July which overturned the convictions of two traders, Tom Hayes and Carlo Palombo, accused of manipulating London Inter-Bank Offered Rate (Libor) or Euribor rates.

Lord Justice Edis, sitting with Justice Goose and Justice Moody, quashed Bittar's conviction on Friday after his lawyers argued the error identified by the Supreme Court had led to him pleading guilty.

It follows the convictions of five other traders being quashed on Wednesday because of the same error.

In written submissions, Bittar's barrister Adrian Darbishire KC said that when he admitted the offence on March 2 2018, he did so on the basis of erroneous decisions by the courts about what the prosecution was required to prove.

He said: "Fundamental to the fairness of any trial process is that a defendant is given a clear and accurate account of the elements of the offence with which he is charged."

James Waddington KC, representing the Serious Fraud Office, which prosecuted the traders, argued that by pleading guilty, Bittar had acknowledged he disregarded the proper basis for making Euribor submissions.

In written submissions he said: "To disregard the prohibition on trader advantage, knowing full well that he was so disregarding that prohibition is also tantamount to procuring a submission which he knew to be false."

Former Barclays employees Jonathan Mathew, Jay Merchant, Alex Pabon, Philippe Moryoussef and Colin Bermingham were jailed between 2016 and 2019 but had their convictions quashed on Wednesday.

Lawyers for the five men argued that the jury directions given in their trials were near-identical to those created for the trial of Hayes, which were found to be wrong by the Supreme Court.

The Libor rate was previously used as a reference point around the world for setting millions of pounds worth of financial deals, including car loans and mortgages.

It was an interest rate average calculated from figures submitted by a panel of leading banks in London, with each one reporting what it would be charged were it to borrow from other institutions.

Euribor was created along with the euro currency in 1999 as a benchmark rate of interest for transactions in euros.

In 2012, the SFO began criminal investigations into traders it suspected of manipulating Libor and Euribor, and brought prosecutions against 20 individuals between 2013 and 2019, seven of whom were convicted at trial, two pleaded guilty, and 11 were acquitted.

Jason Williams, head of division at the Serious Fraud Office, 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."

source: PA

Copyright 2026 Alliance News Ltd. All Rights Reserved.