Court of Appeal overturns convictions of five former Barclays traders
Five ex-Barclays traders convicted for interest-rate manipulation have had their convictions quashed by the Court of Appeal.
The Court of Appeal nullified the guilty verdicts against Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham. The men were originally sentenced after being found guilty of rigging interbank loan rates during the financial crisis. Their appeal succeeded following earlier decisions that cleared two other City traders last year, opening the door for further challenges. Prosecutors had portrayed the group as emblematic of banking excess in the wake of the 2008 crisis.
Why it matters
The reversal may affect public perception of financial-crisis accountability and could prompt further appeals by other convicted traders.
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