Five former City traders convicted of rigging Libor and Euribor interest rates have had their fraud convictions overturned by the Court of Appeal on Wednesday, October 7, 2026.
Lord Justice Edis Quashes Five Convictions
- Convictions Quashed: Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon, and Colin Bermingham had their convictions set aside by Lord Justice Edis.
- Legal Precedent: The ruling follows the Supreme Court’s decision last year regarding Tom Hayes, which established that juries in the initial trials had been misled regarding standard industry practice.
- SFO Stance: The Serious Fraud Office confirmed it would not oppose the appeals after determining that retrials were not in the public interest.
Court of Appeal Reverses Verdicts for Former Barclays Traders
The Court of Appeal ruled on Wednesday to quash the convictions of the five former investment bankers who previously worked at Barclays, following jail time served in the wake of the 2008 financial crisis. The Criminal Cases Review Commission referred the cases to the court in January after the fraud watchdog declined to seek retrials for Tom Hayes and Carlo Palombo.
Lord Justice Edis stated that the convictions would be overturned, with full legal reasons to follow in due course. The appeal of Christian Bittar, a former Deutsche Bank trader, remains pending as the court has yet to consider his arguments despite opposition from the Serious Fraud Office.
Barclays Traders Clear Names After Supreme Court Ruling
Tom Hayes received an 11-year prison sentence in 2015, serving half that time before his conviction was overturned last July by the Supreme Court. Following that judgment, the remaining Barclays traders applied to clear their names, arguing that their prosecutions rested on the same legal flaws.
Jason Williams, head of division at the Serious Fraud Office, stated that the agency evaluated the Supreme Court’s findings on ample evidence before deciding not to oppose the appeals of the five individuals. Tom Bushnell, a partner at Hickman & Rose, noted that the ruling demonstrates how repeated errors in trial conduct contributed to the collapse of the agency’s major white-collar prosecutions.
| Individual | Former Institution | Legal Status |
|---|---|---|
| Tom Hayes | UBS | Conviction overturned by Supreme Court (2025) |
| Jay Merchant | Barclays | Conviction quashed by Court of Appeal (Oct 2026) |
| Jonathan Mathew | Barclays | Conviction quashed by Court of Appeal (Oct 2026) |
| Philippe Moryoussef | Barclays | Conviction quashed by Court of Appeal (Oct 2026) |
| Alex Pabon | Barclays | Conviction quashed by Court of Appeal (Oct 2026) |
| Colin Bermingham | Barclays | Conviction quashed by Court of Appeal (Oct 2026) |
Unresolved Legal Challenges and Industry Ramifications
While the Court of Appeal has cleared the Barclays traders, Christian Bittar’s legal challenge remains active as he pushes for his own conviction to be overturned despite resistance from prosecutors.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
