Ex-Barclays traders jailed for rigging interest rates have convictions quashed
Also reported by BBC Business
Summary
Five former Barclays traders jailed for manipulating important interest rates have had their convictions overturned by a London court. This follows a previous ruling that cleared two other traders due to mistakes in the original trials.Key Facts
- The five traders are Jay Vijay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon, and Colin Bermingham.
- They were jailed between 2016 and 2019 for rigging Euribor or Libor interest rates.
- Libor and Euribor rates affect pensions, mortgages, savings, and many financial products worldwide.
- Their convictions were overturned after the UK Supreme Court found errors in earlier trials involving other traders, Tom Hayes and Carlo Palombo.
- The court ruled that faulty instructions were given to juries, which affected the fairness of the trials.
- The Serious Fraud Office (SFO), which prosecuted the cases, did not oppose the appeals after reviewing the new ruling.
- The Criminal Cases Review Commission referred the cases of the five traders back to the court of appeal.
- Some of the cleared traders expressed relief about ending years of legal and personal challenges.
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