Five former Barclays traders convicted of manipulating benchmark interest rates have had their convictions overturned by the UK Court of Appeal. The case involves Libor (the London interbank offered rate), with the men—Jay Vijay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham—previously jailed following convictions connected to rate-rigging.
The decision follows broader legal developments. Outlets report that the Serious Fraud Office (SFO) had indicated that the convictions might be unsafe after a UK Supreme Court ruling earlier in the process, prompting renewed review of the earlier verdicts. The Court of Appeal also cites problems arising from trial errors, described by some reports as stemming from an improper or “wrong turn,” resulting in unfair outcomes. Coverage includes references to the appeals process and the timing of the SFO’s reassessment, as well as the year-long effort to clear the traders’ names.
