The Court of Appeal has today, 7 October 2026, overturned the convictions of Jonathan Mathew, Jay Merchant, Alex Pabon, Philippe Moryoussef and Colin Bermingham. This decision follows a Supreme Court judgment concerning the legal directions given to juries in LIBOR and EURIBOR prosecutions.
The Serious Fraud Office (SFO) did not oppose the appeals of these five individuals, who were convicted following trial. The SFO had previously determined it would not be in the public interest to seek a retrial for Tom Hayes and Carlo Palombo, whose appeals were upheld by the Supreme Court.
Jason Williams, Head of Division at the SFO, stated that the Supreme Court found there was ample evidence on which a properly directed jury could have convicted Hayes and Palombo. He added that the SFO remains committed to pursuing serious cases of fraud, bribery, and corruption.