UK Court of Appeal overturns Christian Bittar's rate-rigging conviction

The UK Court of Appeal has overturned the fraud conviction of former Deutsche Bank trader Christian Bittar, who was previously convicted for manipulating benchmark interest rates. This ruling marks a significant development in the legal fallout from the LIBOR and Euribor scandals.

Bittar’s acquittal follows the recent exoneration of five former Barclays traders. The wave of successful appeals stems from a Supreme Court ruling that earlier juries had received inaccurate directions from trial judges, which compromised the fairness of the trials.

As a result of these legal developments, eight out of nine British convictions related to the landmark rate-rigging investigations have been overturned, leaving only one conviction standing. The Serious Fraud Office (SFO) opposed the appeal, maintaining that the original guilty plea should have remained, but the agency stated it respects the court's decision.