Ex-Barclays Traders' Convictions Overturned in Rate-Rigging Scandal

Five former Barclays traders, previously convicted and jailed for manipulating interest rates used for interbank loans, have had their convictions overturned by the Court of Appeal. The ruling, made on Wednesday, follows a long-running legal battle and comes after two other former traders had their convictions quashed last year, opening the door for further appeals.

The traders—Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon, and Colin Bermingham—were central figures in a scandal that emerged during the 2008 financial crisis. Prosecutors had presented them as symbols of banker greed amid significant public anger during that period.

The decision to overturn their convictions marks a significant turn in the legal proceedings related to the manipulation of benchmark interest rates, which affected financial markets globally.