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Former Barclays traders have rate-rigging convictions quashed
Overview
Five former Barclays traders who were previously jailed for manipulating interbank lending rates during the financial crisis have had their convictions overturned by the Court of Appeal.
Key points
- Five former Barclays traders—Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon, and Colin Bermingham—had their convictions quashed.
- The traders were originally convicted of manipulating interest rates used for loans between banks.
- The Court of Appeal's ruling follows similar successful appeals by two other former City traders last year.
- The original prosecutions occurred amidst widespread public anger and backlash regarding banker greed during the 2008 financial crisis.