Five former Barclays traders were convicted of manipulating the benchmark interest rate in a series of iconic fraud cases, but their convictions have now been overturned by a London court. A British Court of Appeal judge quashed the convictions of Alex Pabon, Jay Merchant, and Jonathan Mathew. The three were convicted and jailed for conspiracy to defraud in 2016 for assisting in manipulating London's interbank lending rates. Two other former Barclays traders Philippe Moryoussef and Colin Birmingham were convicted of manipulating the euro interbank interest rate in 2018 and 2019, respectively. Earlier, the conviction of Tom Hayes, a former UBS Group trader, had been overturned by the UK Supreme Court. Hayes was the first person to be convicted of interest rate manipulation, and one of the most high-profile figures. A Supreme Court judge ruled that the jury was misguided in the Hayes trial and that he and Carlo Palombo, another trader, should be acquitted.

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