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Wed, 07 Oct 2026

Wed, 07 Oct 2026 Ex-bankers jailed for rigging rates have convictions quashed

Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon, Colin Bermingham had their convictions overturned by the Court of Appeal.

* Five former Barclays traders have had their convictions overturned after a long-running legal battle.
* Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon, and Colin Bermingham were convicted of manipulating interest rates used for loans between banks.
* The Court of Appeal quashed their convictions on Wednesday, following similar rulings in 2025 that cleared two other former City traders.
* The five men had been sentenced to jail terms, with Moryoussef absent from the UK after France refused to extradite him.
* Mathew said the "strain" of the case had been a burden for 10 years and was glad to have his conviction quashed.
* Merchant added that he looked forward to moving on with his life and ensuring those responsible were held accountable.
* The Serious Fraud Office (SFO) did not oppose the appeals, and Barclays bank has not commented.
* Just two traders now remain convicted of interest rate rigging: Christian Bittar and Peter Johnson, who both hope to appeal their convictions.