Ex-Barclays traders jailed for rigging interest rates have convictions quashed
News Source
β’Wed, 07 Oct 2026 15:19:25 GMT
π° What Happened
Five former Barclays traders jailed for rigging interest rates have had their convictions quashed in London. The Court of Appeal cleared Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham. They were jailed between 2016 and 2019 for manipulating the Euribor and Libor rates. The acquittals come a year after the Supreme Court cleared trader Tom Hayes.
π The Backstory
Libor and Euribor were key interest rates used to price loans and savings around the world. Banks were accused of changing them to make more profit. The scandal led to huge fines and several convictions. The cleared traders argued for years that the earlier rulings were wrong. Several bankers won appeals in recent years.
π― Why It Matters
These rates affect mortgages, savings and pensions, so rigging them touched ordinary people. The case raises questions about whether earlier prosecutions were fair.
Five former Barclays traders jailed for rigging interest rates have had their convictions quashed in London. The Court of Appeal cleared Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham. They were jailed between 2016 and 2019 for manipulating the Euribor and Libor rates. The acquittals come a year after the Supreme Court cleared trader Tom Hayes.
Libor and Euribor were key interest rates used to price loans and savings around the world. Banks were accused of changing them to make more profit. The scandal led to huge fines and several convictions. The cleared traders argued for years that the earlier rulings were wrong. Several bankers won appeals in recent years.
These rates affect mortgages, savings and pensions, so rigging them touched ordinary people. The case raises questions about whether earlier prosecutions were fair.