Former City banker Christian Bittar has had his conviction for rigging interest rates quashed, becoming the eighth person to clear their name just days after five others were also acquitted.
Key facts
- Christian Bittar's conviction for rigging interest rates has been quashed.
- He is the eighth person to have such a conviction overturned.
- Five other former bankers were acquitted just days earlier.
- Bittar previously worked for Deutsche Bank.
- He was convicted in 2018 of conspiracy to defraud.
Former City trader Christian Bittar has had his conviction for rigging interest rates quashed, according to the Guardian. He becomes the eighth person to clear their name in connection with the case.
The development comes just days after five other former bankers also successfully overturned their convictions, the Guardian reported.
Bittar previously worked for Deutsche Bank. He was convicted in 2018 of conspiracy to defraud.
The quashing of his conviction adds to a growing number of former bankers who have cleared their names over allegations of manipulating benchmark interest rates. The Guardian’s report references the Euribor benchmark in its coverage of the case.
With Bittar’s conviction now overturned, the total number of individuals who have had rate-rigging convictions quashed has reached eight.
Why it matters
The overturning of these convictions raises significant questions about one of the most prominent financial scandals to follow the global financial crisis. A string of quashed convictions could prompt scrutiny of how the original prosecutions were handled.
Frequently asked questions
Who is Christian Bittar?
Christian Bittar is a former City trader who previously worked for Deutsche Bank. He was convicted in 2018 of conspiracy to defraud in connection with rigging interest rates.
How many people have had their rate-rigging convictions quashed?
According to the Guardian, Christian Bittar is the eighth person to have a conviction for rigging interest rates quashed, following five others who were acquitted just days earlier.
When was Bittar originally convicted?
Christian Bittar was convicted in 2018 of conspiracy to defraud.