Christian Bittar rate-rigging conviction quashed

London's Court of Appeal on Friday overturned former Deutsche Bank trader Christian Bittar's conviction for manipulating the Euribor interest rate benchmark, the latest quashed conviction in the international rate-rigging scandal.

Bittar pleaded guilty in 2018 to conspiracy to defraud over manipulation of the process used to set the euro interbank benchmark rate between 2005 and 2009. He was sentenced to more than five years in prison and served 23 months.

His lawyers argued that he had pleaded guilty based on legal directions that the UK Supreme Court later found to be erroneous. Judge Andrew Edis overturned the conviction on Friday.

The decision follows the quashing on Wednesday of five former Barclays traders' convictions for manipulating Euribor and the UK equivalent Libor. In 2025, the UK Supreme Court quashed the convictions of former Citigroup and UBS trader Tom Hayes and former Barclays trader Carlo Palombo for the same reasons.

Jason Williams, a Serious Fraud Office division head, said the agency had argued for a different outcome but would respect the court's decision on Bittar.

Manipulation of Euribor and Libor occurred in the run-up to and after the 2007-2008 global financial crisis. The scandal led to prison sentences and large fines for major banks.