The former chief executive of Barclays, John Varley, has been acquitted of fraud charges linked to the bank’s 2008 fundraising.
He had denied two charges of conspiracy to commit fraud by false representation at a trial, also involving other former Barclays executives.
The case ended in April when a jury was discharged on the grounds of insufficient evidence.
The Court of Appeal dismissed a Serious Fraud Office challenge to the decision of the trial judge in relation to Mr Varley.
Judges agreed three other men could face a retrial at a date to be fixed.
Roger Jenkins, then chairman of investment management in the Middle East, ex-wealth management head Tom Kalaris and Richard Boath, who headed the corporate finance business, were also accused of conspiracy to commit fraud in the original trial.
Each denied any wrong-doing.