James Waddington KC news

Court of Appeal hands down judgement in Euribor Appeal

The Court of Appeal today rejected various grounds of appeal by two traders at Barclays Bank who were convicted for their part in the manipulation of the Euribor benchmark interest rate, against which over $150 trillion of financial products are referenced. In all, four defendants have been convicted as a result of this SFO investigation. James Waddington QC led Emma Deacon QC on behalf of the Serious Fraud Office. The grounds of appeal included alleged juror bias, criticism of the direction given about the proper basis, pursuant to the relevant contract, founded in Belgian law, for submitting interest rates to Euribor and the assertion that, post the cases of Barton and Ivey, the charge lacked legal certainty.