British appeals court overturns convictions of 5 Barclays Libor traders
A British appeals court has thrown out the fraud convictions of five former Barclays traders linked to the Libor rate-rigging scandal.
This decision comes after a UK Supreme Court ruling in July 2025 quashed the convictions of Tom Hayes and Carlo Palombo in separate cases because judges gave inaccurate instructions to jurors.
The traders, Jonathan Mathew, Jay Merchant, Alex Pabon, Philippe Moryoussef, and Colin Bermingham, are now cleared.
Serious Fraud Office declines Libor retrials
The Libor scandal dates back to 2008, when banks were caught manipulating a key interest rate during the 2008 financial crisis.
The Serious Fraud Office (SFO) had convicted nine bankers for this, but with similar jury errors found in other cases, those convictions are now being overturned.
The SFO says it won't push for new trials. After all this drama, the infamous Libor benchmark has already been phased out from global finance.