Five former Barclays traders who were jailed for rigging interest rates have had their convictions quashed by the Court of Appeal in London, following a long battle to clear their names.
Key facts
- The Court of Appeal overturned the convictions of five former Barclays traders.
- Those cleared are Jay Vijay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham.
- All five had been jailed for rigging interest rates.
- The acquittals come a year after the Supreme Court overturned a ruling against City trader Tom Hayes, according to the Guardian.
Five former Barclays traders who were jailed for rigging interest rates have had their convictions quashed by the Court of Appeal in London, bringing an end to a long battle to clear their names.
The court overturned the convictions of Jay Vijay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham, all of whom worked at Barclays, according to the BBC and the Guardian.
The decision follows what the Guardian described as a long effort by the men to overturn their convictions after they were jailed for rigging interest rates.
The Guardian reported that the acquittals of the five former bankers come a year after the Supreme Court overturned a ruling against City trader Tom Hayes.
The rulings mark a significant moment in the series of legal cases that followed the interest rate-rigging scandal, with the Court of Appeal now having cleared this group of former Barclays staff.
Why it matters
The case is one of the highest-profile outcomes of the interest rate-rigging scandal that led to criminal prosecutions of City traders. The quashing of these convictions, coming a year after the Supreme Court ruled in Tom Hayes's favour, raises questions about the earlier prosecutions and their legal basis.
Frequently asked questions
Who had their convictions quashed?
The Court of Appeal overturned the convictions of five former Barclays traders: Jay Vijay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham.
What were they originally convicted of?
According to the BBC and the Guardian, the five men had been jailed for rigging interest rates while working at Barclays.
How does this relate to the Tom Hayes case?
The Guardian reported that the acquittals come a year after the Supreme Court overturned a ruling against City trader Tom Hayes.