Ex-Deutsche Bank trader jailed for rigging rates has conviction overturned
Summary
Christian Bittar, a former Deutsche Bank trader jailed for manipulating the Euribor interest rate, has had his conviction overturned by the UK Court of Appeal. This decision follows similar overturns of convictions for other bankers involved in the interest rate rigging scandal related to the 2008 financial crisis.Key Facts
- Christian Bittar was convicted in 2018 for manipulating Euribor, a key benchmark interest rate.
- The UK Court of Appeal quashed his conviction, and he attended the hearing via video link from Switzerland.
- Earlier, five ex-Barclays bankers also had their convictions overturned in related trials.
- The scandal involves banks misrepresenting their lending rates to boost profits during the 2008 financial crisis.
- Nineteen traders were convicted in total between 2015 and 2019; now eighteen have been acquitted.
- Only one trader, Peter Johnson, remains convicted but has applied to appeal his case.
- New evidence uncovered suggests central banks and governments may have influenced or covered up wrongdoing in the setting of interest rates.
- The freed traders and their families spoke about the years lost due to the legal battles and look forward to moving on.
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