FCA revokes ban on Libor traders after court overturns rate-rigging convictions
The financial watchdog has revoked bans it had placed on four City traders convicted of rigging Libor and Euribor interest rates after the Court of Appeal overturned their convictions. The Financial Conduct Authority (FCA) said on Friday it “has reviewed its regulatory action against individuals whose convictions have recently been overturned by the Court of [...]
The Financial Conduct Authority (FCA) has removed bans on four traders who were convicted of rigging interest rates, following a court overturning their convictions. The four individuals are Colin Bermingham, Philippe Moryoussef, Jonathan Mathew, and Christian Bittar. The FCA stated it will "take no further action against these individuals in relation to this matter" after reviewing its regulatory actions.
The decision follows the Court of Appeal's overturning of their convictions on 7 October. The five traders, including Bermingham, Mathew, and Moryoussef, along with Jay Merchant and Alex Pabon, had their fraud convictions overturned after serving jailtime for conspiring to manipulate Libor and Euribor interest rates. Bittar's conviction was overturned on 9 October, just over a year after the Supreme Court quashed Tom Hayes and Carlo Palombo's criminal convictions, marking the end of the so-called 'Libor scandal'.
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