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Court of Appeal quashes convictions in Barclays rate-rigging case

The appeals court overturned convictions tied to manipulation of Libor and Euribor, benchmarks used to set borrowing costs on loans including mortgages and car finance.

Reported · Written up by our desk · Government Bonds

Five former Barclays traders convicted in one of the biggest financial crisis-era scandals have had their convictions overturned by the Court of Appeal in London, ending a long legal battle, according to BBC Business. The traders named were Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham.

The convictions had followed trials over alleged manipulation of interest rates used for loans between banks. The BBC Business report said the prosecutions focused on manipulation of two key benchmarks, Libor and Euribor, which at the time were used to set borrowing costs on loans such as mortgages and car finance.

BBC Business also noted that the ruling followed other overturnings in similar cases last year, which opened the door for additional appeals. It added that Merchant, Mathew, Pabon and Bermingham had served various jail terms, while Moryoussef was sentenced in his absence in 2018 after France refused to extradite him to the UK.

The Guardian also reported the appeals court cleared five former traders, describing the acquittals as coming after the prior Supreme Court action that overturned the ruling against City trader Tom Hayes, paving the way for others to appeal.

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