The Court of Appeal overturned the convictions of Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham, citing a 2025 Supreme Court ruling that similar cases were unsafe.
The Court of Appeal in London on Wednesday quashed the criminal convictions of five former Barclays traders for manipulating the Libor and Euribor benchmarks, AFP reported. Judge Andrew Edis said a directly applicable 2025 Supreme Court decision determined the appeals.
The five are Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham. The ruling follows the Supreme Court's July 2025 decision overturning the convictions of Tom Hayes, a former Citigroup and UBS trader, and Carlo Palombo, another former Barclays trader, after the court found legal errors had made those convictions unsafe.
Moryoussef, a London-based senior trader, had been convicted of conspiracy to defraud in 2018 and sentenced to eight years. Bermingham was convicted in 2019 and given five years. In a statement released by representatives before the formal ruling, Moryoussef said he had lived under the shadow of a conviction for something he did not do and had lost his work, career, reputation and income.
The appeals do not reopen the wider Libor scandal or change civil settlements already reached by banks. AFP reported the decision as the latest turn in the rate-rigging cases, not as a new investigation.
No compensation figure was announced with the quashing of the convictions.
People Sentiments Mixed
- Philippe Moryoussef said he had lived for more than eight years under a conviction for something he did not do.
- Andrew Edis said a Supreme Court decision determined the appeals.