UK court quashes convictions of five former Barclays traders for interest rate rigging

On Wednesday, the Court of Appeal in London quashed the convictions of five former Barclays traders who had been jailed for manipulating interest rates. Jonathan Mathew, Jay Merchant, Alex Pabon, Philippe Moryoussef, and Colin Bermingham were convicted between 2016 and 2019 for offenses related to Libor and Euribor manipulation. The appeals followed a Supreme Court ruling that found flaws in the trials of two other traders, Tom Hayes and Carlo Palombo. The Serious Fraud Office did not oppose the appeals, admitting the convictions might be unsafe. The court found the trials were unfair and the convictions unsafe.