London court quashes five more UK rate-rigging convictions

UBS AG

07/10/2026 12:34

LONDON, Oct 7 (Reuters) - Five former Barclays BARC.L traders, jailed in Britain for plotting to rig global, benchmark interest rates, won an appeal to clear their names on Wednesday, further unravelling some of the UK Serious Fraud Office's most high-profile prosecutions.
London's Court of Appeal quashed the convictions of Philippe Moryoussef, from France, Calcutta-born Jay Merchant, Britons Colin Bermingham and Jonathan Mathew and Alex Pabon, an American.
The traders were cast by prosecutors as a symbol of banker greed at a time of taxpayer fury at eye-watering bank bailouts following the 2007-2009 credit crisis, which sent stock markets plunging and pitched economies into recession.
But they applied to clear their names after the Supreme Court last year overturned the convictions of Tom Hayes - a former star UBS UBSG.S and Citigroup C.N trader - and ex-Barclays peer Carlo Palombo for rigging now-defunct interbank interest rate Libor and its euro equivalent, Euribor.

(Reporting by Kirstin Ridley, Editing by Iain Withers)
((kirstin.ridley@thomsonreuters.com; +44 (0) 207 513 5666;))