Ex-bankers jailed for rate rigging have convictions quashed

The UK Court of Appeal has delivered a landmark legal ruling by overturning the criminal convictions of five former Barclays traders and brokers. The individuals were previously found guilty of conspiracy to defraud following allegations of manipulating benchmark interest rates used for interbank lending.

The five appellants whose names were cleared are Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon, and Colin Bermingham. During the height of public anger surrounding the 2008 financial crisis—when major financial institutions received taxpayer-funded bailouts—prosecutors heavily portrayed these traders as symbols of corporate greed within the banking sector.

Stock photo for illustration only, not from the actual event

The protracted legal battles centered around the manipulation of two primary financial benchmarks, Libor and Euribor, which at the time dictated borrowing costs for a vast array of consumer and commercial loans, including mortgages and vehicle financing. Most of the defendants served prison sentences under the original verdicts, with the exception of Moryoussef, who was sentenced in absentia in 2018 after France refused his extradition to the UK.

This latest legal breakthrough follows historic victories secured last year by fellow City traders Tom Hayes and Carlo Palombo, whose successful Supreme Court challenges paved the way for others to clear their names. The Serious Fraud Office (SFO), which originally prosecuted the cases, did not contest the appeals brought forward by the defendants.