{
  "id": 12660716,
  "title": "5 traders jailed for rigging key interest rates have their convictions quashed",
  "url": "https://urgent.news/2026/10/07/5-traders-jailed-for-rigging-key-interest-rates-have-their",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-07T15:42:28.000Z",
  "source": {
    "name": "Winnipeg Free Press",
    "slug": "winnipeg-free-press",
    "url": "https://www.winnipegfreepress.com/business/2026/10/07/5-traders-jailed-for-rigging-key-interest-rates-have-their-convictions-quashed"
  },
  "original_language": "en",
  "account": "A British court has quashed the convictions of five former Barclays traders who were accused of manipulating benchmark interest rates, according to the Associated Press. The five, including Jonathan Mathew, Jay Merchant, Alex Pabon, Philippe Moryoussef, and Colin Bermingham, were convicted of fraud for their roles in influencing the London Inter-Bank Offered Rate, or Libor, and its euro currency equivalent Euribor. These rates were used to set interest rates on trillions of dollars' worth of financial products worldwide.\n\nThe Court of Appeal ruled that the juries in their trials received unfair instructions, leading to the quashing of their convictions. The Serious Fraud Office stated it would not seek retrials for these five individuals and did not oppose the appeals of the other traders whose convictions were also vacated. Libor and Euribor were key benchmarks that influenced interest rates on a wide range of financial products, including business loans, mortgages, and credit card debt. However, these rates have since been phased out due to concerns about their contribution to the 2008 global financial crisis.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "Financial Times",
        "title": "Ex-Barclays traders’ rate-rigging convictions quashed",
        "url": "https://urgent.news/2026/10/07/ex-barclays-traders-rate-rigging-convictions-quashed",
        "published": "2026-10-07T13:03:54.000Z"
      },
      {
        "outlet": "Guardian Business",
        "title": "Ex-Barclays traders jailed for rigging interest rates have convictions quashed",
        "url": "https://urgent.news/2026/10/07/ex-barclays-traders-jailed-for-rigging-interest-rates-have",
        "published": "2026-10-07T15:19:25.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}