Five more UK rate-rigging convictions quashed as SFO prosecutions unravel
BCS•A UK appeals court quashed the convictions of five former Barclays traders jailed for plotting to rig Libor and Euribor. The Serious Fraud Office did not contest their appeals; a separate appeal by former Deutsche Bank trader Christian Bittar is expected to be heard on Friday.
1. Appeals granted
The Court of Appeal quashed the convictions of Philippe Moryoussef, Jay Merchant, Colin Bermingham, Jonathan Mathew and Alex Pabon. They were sentenced to between 33 months and eight years in prison from 2016 to 2019. Judges said they would explain their reasons later on Wednesday.
2. Earlier ruling set stage
The traders sought to clear their names after the Supreme Court overturned the convictions of former UBS and Citigroup trader Tom Hayes and former Barclays trader Carlo Palombo last year. The Supreme Court ruled that trial judges had misdirected juries and that legal errors undermined trial fairness.
3. Bittar appeal pending
The SFO said it did not oppose the five appeals after considering the judgment and circumstances. Former Deutsche Bank trader Christian Bittar, sentenced in 2018, is expected to have his appeal heard on Friday; the SFO is contesting his case. Libor and Euribor once underpinned around $450 trillion in financial contracts, the article said.
