Court Quashes Libor Convictions for Five Former Barclays Traders
The London Court of Appeal overturned the convictions of five former Barclays traders after finding their trials contained the same legal errors as previous overturned cases.
The London Court of Appeal quashed the convictions of five former Barclays traders—Jonathan Mathew, Jay Merchant, Alex Pabon, Philippe Moryoussef, and Colin Bermingham—who were jailed between 2016 and 2019 for manipulating the London Inter-Bank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor).
The London Court of Appeal ruled that the trials of these traders contained near-identical legal errors and jury misdirection to those found in a July 2025 Supreme Court decision that overturned the convictions of traders Tom Hayes and Carlo Palombo. The court determined that these errors rendered the convictions of the five Barclays employees unsafe.
The cases were referred to the court by the Criminal Cases Review Commission, which found no distinguishing factors between these traders and the Hayes and Palombo cases. The Serious Fraud Office did not oppose the appeals and confirmed it will not seek retrials for any of the five men.
