UK court quashes rate-rigging convictions of ex-Barclays, Deutsche Bank traders
The Court of Appeal in London has cleared a former Deutsche Bank trader and five former Barclays traders of rigging benchmark interest rates, continuing a series of reversals of convictions obtained by the UK's Serious Fraud Office.
What happened
The Court of Appeal in London quashed the interest-rate-rigging conviction of Christian Bittar, a former Deutsche Bank trader jailed in 2018 after pleading guilty to rigging Euribor.123
Bittar's case came days after the same court quashed the convictions of five former Barclays traders - Jay Vijay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham.14
The Guardian reports Bittar as the eighth person to have a rate-rigging conviction overturned.1
Arab News reports Bittar was sentenced to five years and four months in prison.2
What's agreed
Reported consistently by outlets in more than one region.
- Christian Bittar, a former Deutsche Bank trader, had his conviction for conspiracy to rig interest rates quashed by the Court of Appeal in London.123
- Bittar was jailed in 2018 after pleading guilty to rigging Euribor, the Euro interbank offered rate.123
- Five other former Barclays traders - Jay Vijay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham - had their rate-rigging convictions quashed days before Bittar's.14
How it's framed
What each perspective puts first, based on headlines and summaries.
| Perspective | How it reads | What it puts first |
|---|---|---|
| UK outlets reporting the individual Bittar caseEurope | The Guardian Business and BBC News report Bittar's quashed conviction as a standalone development, emphasising his status as the eighth person cleared and his Deutsche Bank background.13 | eighth person cleared, Deutsche Bank trader, conviction overturned |
| UK outlet reporting the Barclays group caseEurope | A separate Guardian article focuses on the five Barclays traders as a group, linking their acquittal to the earlier Supreme Court reversal in the Tom Hayes case to suggest a broader legal trend.4 | group of five Barclays traders, long battle to clear names, link to Tom Hayes ruling |
| Middle East-based outletMiddle East & Turkey | Arab News frames the Bittar ruling in more critical terms, describing it as a fresh blow to the Serious Fraud Office and detailing his five-year four-month sentence and guilty plea.2 | setback for Serious Fraud Office, guilty plea, sentence length |
What the coverage leaves out
- None of the outlets reviewed reported the Serious Fraud Office's response to the quashed convictions.
- None of the outlets reviewed explained the legal grounds on which the Court of Appeal quashed the convictions.
- None of the outlets reviewed reported whether Bittar or the five Barclays traders had served their sentences or been released before the appeals succeeded.
- None of the outlets reviewed addressed whether further appeals or related cases remain pending.
Why it matters
The Guardian notes the Barclays traders' acquittals came a year after the Supreme Court overturned a conviction against City trader Tom Hayes, suggesting a wider pattern of rate-rigging convictions being unwound in UK courts.4
Arab News frames Bittar's successful appeal as a fresh setback for the Serious Fraud Office, the body that originally prosecuted these cases.2
Sources (4)
Every outlet we drew on, grouped by where it is based. Read the originals for the full reporting.
Europe
- 1The Guardian BusinessGBPrivate
Christian Bittar has conviction for rigging interest rates quashed
- 3BBC News BusinessGBPublic broadcaster
Ex-Deutsche Bank trader jailed for rigging rates has conviction overturned
- 4The GuardianGBPrivate
Ex-Barclays traders jailed for rigging interest rates have convictions quashed