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Bank trader acquitted in EURIBOR trial

4 July, 2019 | Case Updates

Andreas Hauschild was today acquitted of conspiracy to defraud at Southwark Crown Court over the rigging of the Euro Interbank Offered Rate (EURIBOR).

The former Managing Director at Deutsche Bank was found not guilty of manipulating EURIBOR at the height of the financial crisis.

The acquittal follows the conviction and sentencing of four senior ex-bankers. Former Principal Trader at Deutsche Bank Christian Bittar, former Barclays Director Phillipe Moryoussef, former Director of Portfolio Liquidity Management at Barclays Colin Bermingham, and Carlo Palombo, former Vice President of Euro Rates and Euro Swaps at Barclays, conspired to submit false or misleading EURIBOR estimates that would benefit their trading positions and change the eventual average rate. Two other traders were acquitted.

EURIBOR is a key financial benchmark rate used to set financial deals around the world. It supports $180 trillion of financial products including mortgage rates, savings rates and loans. The accuracy of the rate is critical to maintaining trust in our financial system.

Notes to editors:

  • The Serious Fraud Office announced that it had decided to accept allegations of the manipulation of LIBOR and EURIBOR for investigation on 6 July 2012.
  • Andreas Hauschild was charged on 13 November 2015 but declined to appear at a hearing at Westminster Magistrates’ Court on 11 January 2016. The SFO secured a European Arrest Warrant for Hauschild in February 2016 and he was later arrested in Italy and extradited to the UK.
  • Andreas Hauschild was a Managing Director at Deutsche Bank.
  • More information on the investigation and related convictions is here.
  • Counsel for the Prosecution
    – James Waddington Q.C.
    – Emma Deacon Q.C.
  • Counsel for the Defence
    – Duncan Penny Q.C.

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