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London court quashes five more UK rate-rigging convictions
The ruling follows earlier appeal wins that cleared the way for challenges to Libor and Euribor convictions tied to the 2008 financial crisis.
- On Wednesday, the Court of Appeal quashed the convictions of five former Barclays traders—Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon, and Colin Bermingham—following a long-running legal battle over financial rate manipulation.
- Prosecutors originally convicted the traders for manipulating Libor and Euribor interest rates, casting them as symbols of greed amid public backlash during the 2008 financial crisis to appease anger towards banks.
- Former UBS trader Tom Hayes and Carlo Palombo won a Supreme Court victory last year, establishing that commercial practices were wrongly prosecuted; their success paved the way for this appeal.
- Jonathan Mathew, 45, said the conviction quashing provides "validation that this is an injustice that never should have happened," while Jay Merchant called for "ensuring that those responsible for what happened are held fully accountable."
- Only two traders—former Deutsche Bank employee Christian Bittar and former Barclays trader Peter Johnson—still hold convictions over interest rate rigging; Bittar will challenge his ruling on October 9.
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Five more UK rate-rigging convictions quashed as SFO prosecutions unravel
·London, United Kingdom
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Former City traders' fraud convictions overturned
The Court of Appeal has overturned the fraud convictions of five former City traders previously convicted of Libor and Euribor-related offences. The five traders, who previously worked at Barclays, had their convictions quashed on Wednesday after the Supreme Court overturned the convictions of Tom Hayes and Carlo Palombo last year, two former City traders who became the face of the London Interbank Offered Rate (Libor) scandal. On Wednesday, the…
·London, United Kingdom
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Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham had their conventions overturned by the Court of Appeal.
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Total News Sources7
Leaning Left0Leaning Right0Center5Last UpdatedBias Distribution100% Center
Bias Distribution
- 100% of the sources are Center
100% Center
C 100%
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