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Ex-Deutsche Bank trader gets green light to sue FCA

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A former Deutsche Bank trader has been told he can bring a civil case against the FCA despite facing trial over Libor manipulation.

In April Deutsche Bank was fined a total of £1.7bn by international regulators rigging Libor and Euribor.

Bloomberg reports Christian Bittar is suing the regulator over the final notice against Deutsche Bank, which he claims improperly identified him as part of the report.

The FCA had tried to anonymise its final notice, but a court has since decided Bittar could be identified, and should have been given a chance to respond before the report was published.

Bittar is facing trial as part of the Serious Fraud Office’s Libor investigation, and specifically for manipulating Euribor.

Both the FCA and the SFO wanted to delay the civil trial until after the criminal trial, which is expected to start in 2017.

But Judge Timothy Herrington has ruled delaying the civil case until then would unfairly delay Bittar pursuing his statutory rights, especially if the criminal trial was pushed back.

A lawyer for the trader told Bloomberg: “We are pleased with the decision of the Upper Tribunal and look forward to the substantive hearing of Mr Bittar’s reference. Mr Bittar continues to deny the allegations made against him.”

The FCA declined to comment.

The date for the civil hearing has not been set, but is expected to be between July and November 2017.

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Comments

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  1. Julian Stevens 7th June 2016 at 9:49 am

    What with Stewart Ford’s ongoing action against the FCA, one wonders when the next one will come along.

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