Court of Appeal quashes rate-rigging convictions of five former Barclays traders
Five former Barclays traders jailed over the manipulation of interest rates used for loans between banks have had their convictions quashed by the Court of Appeal, the BBC reported.
Key facts
- The Court of Appeal quashed the convictions of five former Barclays traders on Wednesday, 7 October 2026, the BBC reported.
- The five are Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham.
- They had been convicted after trials for manipulating the interest rates used for loans between banks, according to the BBC.
- The BBC described the jailing as one of the biggest scandals of the financial crisis.
- The ruling followed overturned convictions for two other former City traders in 2025, which the BBC said paved the way for others to appeal.
Five former Barclays traders have had their convictions for manipulating the interest rates used for loans between banks overturned, the BBC reported. The Court of Appeal quashed the convictions on Wednesday, 7 October 2026. The traders are Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham.
The five had been jailed in what the BBC described as one of the biggest scandals of the financial crisis. They were convicted following trials, according to the BBC. The convictions were quashed after a long-running legal battle.
The ruling came after two other former City traders had their convictions overturned in 2025, the BBC reported. According to the BBC, those earlier rulings paved the way for others to appeal.
Prosecutors cast the traders as a symbol of banker greed, according to the BBC. The broadcaster reported that the convictions came amid public backlash and anger during the 2008 financial crisis.
Context
The case concerned the manipulation of the interest rates used for loans between banks, according to the BBC. The BBC reported that the prosecutions took place amid public backlash and anger during the 2008 financial crisis, when prosecutors presented the traders as a symbol of banker greed.
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