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Barclays Traders' Convictions Overturned
7 Oct
Summary
- Five former Barclays traders had their convictions overturned.
- The convictions related to manipulating interest rates between banks.
- The ruling followed a long-running legal battle after others appealed.
Five former Barclays traders, who were jailed for their role in a major financial crisis scandal, have had their convictions overturned. The Court of Appeal quashed the convictions of Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon, and Colin Bermingham on Wednesday.
These individuals were found guilty in trials for manipulating interbank interest rates. Their legal battle for overturned convictions was successful following similar rulings last year for two other City traders.
Prosecutors had depicted the traders as emblems of corporate excess during the public outcry of the 2008 financial crisis. This recent ruling offers vindication after a protracted legal process.
