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Economics

Former Barclays traders have rate-rigging convictions quashed

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

Former Barclays traders have had their rate-rigging convictions overturned

Five former Barclays traders, who were jailed in one of the biggest scandals of the financial crisis, have seen their convictions overturned after a lengthy legal fight.

Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham were found guilty after trials over manipulating the interest rates used for loans between banks.

However, the Court of Appeal quashed their convictions on Wednesday. The decision followed the overturning of convictions last year for two other former City traders, opening the door for others to appeal.

Prosecutors had presented the traders as a symbol of banker greed during the public backlash and anger that followed the 2008 financial crisis.

barclayscourt of appealinterest ratesrate-riggingconvictions quashedfinancial crisisbanking scandaltraders

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