UK Court Overturns Convictions of Five Former Barclays Traders
The Court of Appeal in London overturned five convictions today. The five are former Barclays traders.
They are Jay Vijay Merchant, Jonathan Mathew and Philippe Moryoussef. The others are Alex Pabon and Colin Bermingham.
They had been jailed in interest-rate rigging cases. The cases involved LIBOR and EURIBOR.
These are rates banks use when lending to each other. The five were convicted between 2016 and 2019.
The traders said jurors heard instructions repeating legal errors. The Supreme Court had identified those errors.
The Court of Appeal accepted their appeals. The Serious Fraud Office did not oppose the appeals.
A year earlier the Supreme Court overturned a ruling against Tom Hayes. In July 2025 the Supreme Court also overturned Carlo Palombo's conviction. He is a former Barclays trader.
Key Terms 4
- LIBOR A benchmark interest rate banks charge each other for loans.
- EURIBOR A benchmark rate for loans between banks in Europe.
- Serious Fraud Office A UK agency that investigates and prosecutes major fraud.
- Tom Hayes A trader in London's financial district.