“Ex-Barclays Traders Jailed for Rigging Interest Rates Have Convictions Quashed” — what this page in the network covers. Five former Barclays traders have had their convictions for rigging interest rates quashed by the Court of Appeal in London. Jay Vijay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon, and Colin Bermingham were originally jailed for their roles in manipulating the London Interbank Offered Rate (Libor), a benchmark that underpins trillions in global financial contracts. The decision comes a year after the UK Supreme Court overturned the conviction of Tom Hayes, a former UBS and Citigroup trader who was the first person jailed in the Libor scandal.
The court found that the traders' actions did not amount to criminal dishonesty under the law as clarified in Hayes's case. This ruling marks a significant retreat in the UK's prosecution of financial benchmark manipulation, raising questions about the fairness of earlier convictions and the future of white-collar crime enforcement. This listing links straight to the original page, where the content is available in full.