Bittar Conviction Quashed: Last Major Rate-Rigging Prisoner Frees
The Court of Appeal has overturned the conviction of Christian Bittar, a former Deutsche Bank trader jailed in 2018 for manipulating the Euribor interest rate. This decision follows the quashing of five Barclays bankers' convictions earlier this week, leaving only one former trader, Peter Johnson, with a standing conviction globally. The rulings stem from a 2025 Supreme Court finding that trial judges incorrectly instructed juries on the legality of rate manipulation. While the Serious Fraud Office opposed Bittar's appeal, arguing his conviction was safe, the court ruled otherwise. This development has intensified calls for the Bank of England and Treasury to release records regarding central bank involvement in rate-setting during the 2008 crisis.
