UK Court Set to Review Bankers' Convictions Over Euribor Rate-Rigging Scandal
Five former bankers who were convicted of rigging interest rates on EURIBOR and LIBOR have had their cases referred back to the UK court of appeal by the Criminal Cases Review Commission (CCRC). The ex-traders, including Alex Pabon, Jay Vijay Merchant, Jonathan Mathew, Philippe Moryoussef, and Colin Bermingham, were found guilty of conspiracy to defraud and sentenced to prison terms ranging from two to six-and-a-half years.
The CCRC has determined that the convictions "may be considered unsafe" following a supreme court ruling last year that cleared Tom Hayes of similar charges. The original trial against Hayes was marred by errors, including inaccurate instructions given to the jury. The CCRC's decision marks a fresh opportunity for the five men to clear their names.
The Euribor and LIBOR rates had far-reaching consequences, affecting ordinary people's pensions, mortgages, and savings, as well as trillions of pounds and euros worth of financial products worldwide. Nine bankers were initially found guilty of rigging these rates, including Hayes.
Hayes' case was previously overturned by the supreme court in July 2025, citing "inaccurate and unfair" instructions to the jury that led to his conviction. Similarly, Carlo Palombo's conviction was quashed on the same day after a similar error was found.
The CCRC's decision suggests that the Serious Fraud Office (SFO) may have erred in bringing charges against Pabon, Merchant, Mathew, Moryoussef, and Bermingham. The SFO has stated that their convictions "may be considered unsafe" due to the same errors and jury misdirection found in Hayes' and Palombo's cases.
The men's convictions are now set to go before the court of appeal, where judges will determine whether their sentences were fair given the potential for judicial error. It remains to be seen if any of these former traders will ultimately have their names cleared, but the CCRC's referral marks an important step in the process.
Five former bankers who were convicted of rigging interest rates on EURIBOR and LIBOR have had their cases referred back to the UK court of appeal by the Criminal Cases Review Commission (CCRC). The ex-traders, including Alex Pabon, Jay Vijay Merchant, Jonathan Mathew, Philippe Moryoussef, and Colin Bermingham, were found guilty of conspiracy to defraud and sentenced to prison terms ranging from two to six-and-a-half years.
The CCRC has determined that the convictions "may be considered unsafe" following a supreme court ruling last year that cleared Tom Hayes of similar charges. The original trial against Hayes was marred by errors, including inaccurate instructions given to the jury. The CCRC's decision marks a fresh opportunity for the five men to clear their names.
The Euribor and LIBOR rates had far-reaching consequences, affecting ordinary people's pensions, mortgages, and savings, as well as trillions of pounds and euros worth of financial products worldwide. Nine bankers were initially found guilty of rigging these rates, including Hayes.
Hayes' case was previously overturned by the supreme court in July 2025, citing "inaccurate and unfair" instructions to the jury that led to his conviction. Similarly, Carlo Palombo's conviction was quashed on the same day after a similar error was found.
The CCRC's decision suggests that the Serious Fraud Office (SFO) may have erred in bringing charges against Pabon, Merchant, Mathew, Moryoussef, and Bermingham. The SFO has stated that their convictions "may be considered unsafe" due to the same errors and jury misdirection found in Hayes' and Palombo's cases.
The men's convictions are now set to go before the court of appeal, where judges will determine whether their sentences were fair given the potential for judicial error. It remains to be seen if any of these former traders will ultimately have their names cleared, but the CCRC's referral marks an important step in the process.
these guys already served time and now they're gonna get another shot? its like we're just rehashing old events without making sure justice is served properly... I mean, i'm all for second chances but when you mess up so badly like this... it makes me wonder if the system is more interested in keeping people quiet than actually punishing them fairly 
I'm not surprised to see this happening again... Five more bankers getting a second chance? 
It's like the system is designed for some people to get away with things. I mean, how many times do you have to mess up before you're given another shot at redemption? The Euribor and LIBOR rates scandal was huge, affecting so many people's lives. It's unacceptable that these bankers are getting a fresh start while others don't get the same opportunity.
I'm not surprised to hear that five more bankers are having their convictions reviewed. These Euribor and LIBOR rate-rigging cases just keep coming back, don't they? It seems like we're always learning new things about what went wrong back then. Those affected by the scandal - ordinary people, pensioners, and savers - deserve some closure.
maybe the system will learn from its mistakes this time around 
and btw, can u believe that 9 bankers were initially found guilty of something as huge as rigging interest rates? it's just wild 
i guess we'll have to wait and see what happens next with these five guys who are now heading back to court 
another bunch of bankers getting a free pass just because some technicalities were messed up in court 
think about all those everyday people who got screwed over by these guys when they lost out on money due to these manipulated interest rates 
I mean, it's crazy that five guys are getting a second chance at clearing their names because of some super messed up jury instructions. Like, who wouldn't want justice to be served? 
And can we talk about how this whole thing highlights the importance of judicial oversight? Like, we need to make sure our justice system is working properly so everyone gets a fair shot. 
. And now, with the CCRC referring their cases back to court, maybe, just maybe, justice will be served 
. But I'm still keeping my fingers crossed that no one else has to suffer because of this scandal 
.
. It's like they're stuck in a never-ending loop of appeals and retrials...my heart goes out to them and all those who were affected by this scandal