Five former City traders, previously convicted of Libor and Euribor-related offences, have had their fraud convictions overturned by the Court of Appeal. The traders, Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham, all formerly worked at Barclays.
The convictions were quashed on Wednesday, 7 October 2026, following the Supreme Court's decision last year to overturn the convictions of Tom Hayes and Carlo Palombo. The Criminal Cases Review Commission (CCRC) referred these cases to the court on 29 January 2026.
Lord Justice Edis announced on Wednesday morning that the convictions would be quashed, with full reasons to be provided later. The Serious Fraud Office (SFO), which brought the original prosecutions, stated it would not oppose the appeals.
Jonathan Mathew commented that having his conviction quashed was about "finally having validation that this is an injustice that never should have happened." Tom Bushnell, representing the former traders, said the ruling "recognises that this error went on to be repeated in the other Libor/ Euribor prosecutions."
The Court of Appeal is yet to consider the appeal of Christian Bittar, a former Deutsche Bank employee.