A former Deutsche Bank executive has been acquitted of helping to rig the Euribor benchmark interest rate during the financial crisis.
Andreas Hauschild, a former managing director at the bank, was found not guilty on one count of conspiracy to defraud by a jury at Southwark Crown Court today.
The Serious Fraud Office, which prosecuted the case, had alleged that Hauschild had conspired to manipulate Euribor, a financial benchmark rate used to set deals around the world.
Hauschild, who ran the German bank’s Frankfurt team responsible for rate submissions, was one of 11 individuals charged by the Serious Fraud Office in 2015 with rigging the rate.
He initially escaped a UK trial but was arrested in Italy and extradited to Britain after the SFO secured a European Arrest Warrant.
After the verdict Hauschild said in a statement: “I have always maintained my innocence of the charge against me and I am very pleased that today’s decision has vindicated my position.
“I’m very grateful to the Jury for the dedication and effort that they have put into dealing with my trial.”
He added: “I would now ask for my privacy to be respected to enable me to rebuild my life and resume my career.”