Former City traders’ fraud convictions overturned

The Court of Appeal has overturned the fraud convictions of five former Barclays traders, including Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon, and Colin Bermingham, who were previously convicted of Libor and Euribor-related offences. This decision follows the Supreme Court's overturning of the convictions of Tom Hayes and Carlo Palombo, two prominent figures in the London Interbank Offered Rate (Libor) scandal.

The Criminal Cases Review Commission (CCRC) referred these cases to the court after the Serious Fraud Office (SFO) decided not to seek retrials for the original five traders. The SFO stated that it does not oppose the appeals of the five former Barclays traders and has communicated this decision to them. However, the SFO remains committed to pursuing serious cases of fraud, bribery, and corruption.

One of the traders, Mathew, expressed relief at the quashing of his conviction, stating that it is not only about correcting the record but also about validating the injustice that never should have occurred.

Brief written by urgent.news from City AM's own syndicated text. Machine-written — may contain errors; check the original before relying on it.