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Christian Bittar conviction overturned in Euribor rate-rigging case
The Court of Appeal also overturned earlier Euribor-related convictions of Barclays bankers, following the rate-rigging trials that led to multiple prison terms after the 2008 financial crisis.
The Court of Appeal has quashed the 2018 conviction of Christian Bittar, a former Deutsche Bank trader who was jailed for manipulating Euribor, according to BBC Business.
The decision comes after the same UK court overturned five convictions of ex-Barclays bankers earlier this week in the broader rate-rigging proceedings.
Rate-rigging cases emerged from disclosures tied to the 2008 financial crisis, when regulators found banks had misrepresented their positions during the process of setting benchmark lending rates.
BBC Business reports that 19 City traders were convicted in the US and UK between 2015 and 2019 across nine criminal trials in London and New York, and that only one former trader remains convicted worldwide.