Former City trader Christian Bittar has become the eighth individual to have their conviction for rigging interest rates quashed. Mr Bittar, who previously worked for Deutsche Bank, was convicted in 2018 of conspiracy to defraud.
His acquittal follows just days after five other former bankers – Jay Vijay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon, and Colin Bermingham, all formerly of Barclays – also had their convictions overturned on Wednesday.
Mr Bittar stated after his acquittal, "I have waited a very, very long time for this day. Finally, the injustice of what I and others suffered has been recognised."
The Serious Fraud Office (SFO), which brought the original charges, contested Mr Bittar's appeal, stating his conviction was safe. However, the SFO did not contest the appeals of the five men acquitted on Wednesday.
Jason Williams, head of division at the SFO, said: "We argued for a different outcome but respect the court’s decision in relation to Christian Bittar."
Mr Bittar and the five other former traders had been sentenced to jail on charges of manipulating the euro interbank offered rate (Euribor) or the now defunct London interbank offered rate (Libor).