Business & Finance
London court overturns convictions of five former Barclays interest rate traders
The Guardian reports that appellate judges cleared the individuals after prosecutors chose not to oppose their challenges.
The short version
- London's Court of Appeal quashed the fraud convictions of five former Barclays traders who were imprisoned between 2016 and 2019 for manipulating benchmark interest rates.[The Guardian]
- The Serious Fraud Office decided not to contest the appeals brought by the five individuals.[The Guardian]
- An appeal by former Deutsche Bank trader Christian Bittar is scheduled for Friday and remains contested by prosecutors.[The Guardian]
Key facts
- London's Court of Appeal quashed the convictions of five former Barclays traders: Jay Vijay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon, and Colin Bermingham.[The Guardian]
- The five individuals were originally imprisoned between 2016 and 2019 over the alleged rigging of Euribor or Libor interest rates.[The Guardian]
- The Serious Fraud Office elected not to contest the five traders' appeals.[The Guardian]
- The Serious Fraud Office is contesting an appeal by former Deutsche Bank trader Christian Bittar, who pleaded guilty in 2018.[The Guardian]
What remains uncertain
- The outcome of Christian Bittar's contested appeal, scheduled to be heard on Friday, remains undecided.[The Guardian]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.