Former City trader Christian Bittar has become the eighth individual to have his conviction for rigging interest rates overturned, following the acquittal of five other former bankers just days earlier. Bittar, who previously worked for Deutsche Bank, was convicted in 2018 of conspiracy to defraud.
Recent Developments
On Wednesday, the court also overturned the convictions of Jay Vijay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon, and Colin Bermingham, all of whom were associated with Barclays. This series of acquittals comes over a year after the UK Supreme Court reversed a decade-old ruling against former UBS and Citigroup trader Tom Hayes and former Barclays trader Carlo Palombo. Their victories paved the way for other traders to contest their convictions.
Bittar expressed his relief after the ruling, stating:
“"I have waited a very, very long time for this day. Finally, the injustice of what I and others suffered has been recognised. I am so grateful for those who stood by me through this ordeal and those who worked so tirelessly to correct it."
Background on the Case
Bittar and the five other former traders were sentenced to prison for manipulating the euro interbank offered rate (Euribor) and the now-defunct London interbank offered rate (Libor). These rates significantly impacted the value of ordinary people's pensions, mortgages, and savings, as well as hundreds of trillions of pounds and euros worth of financial products globally.
