Court of Appeal quashes convictions of five former Barclays traders

Five former Barclays traders sentenced over one of the biggest scandals of the financial crisis have had their convictions overturned by the Court of Appeal, the BBC reported on Wednesday. Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon, and Colin Bermingham were previously convicted following trials for manipulating interbank interest rates. [1]

According to the BBC, the Court of Appeal quashed the convictions following a long-running legal battle. The decision follows a ruling last year in which two other former City traders had their convictions overturned, opening the way for further appeals. [1]

The Libor scandal involved fraudulent manipulative behaviour connected to average interest rates submitted by major banks worldwide. The scandal emerged in 2012 when banks were discovered altering rates to profit from trades or portray greater creditworthiness. [2]