Finance
Five former traders win right to appeal UK rate-rigging convictions
Published by Global Banking and Finance Review
Posted on January 29, 2026
1 min readLast updated: January 29, 2026
Quick Summary
Five traders in the UK can appeal their rate-rigging convictions due to legal errors, following similar successful appeals last year.
Five former traders win right to appeal UK rate-rigging convictions
Legal Developments in Rate-Rigging Cases
LONDON, Jan 29 (Reuters) - Five former traders jailed in Britain for rigging global benchmark interest rates can launch a fresh attempt to overturn their convictions, Britain's Criminal Cases Review Commission (CCRC) said on Thursday.
Background of the Convictions
Alex Pabon, Jay Merchant, Jonathan Mathew, Philippe Moryoussef and Colin Bermingham turned to the CCRC after former traders Tom Hayes and Carlo Palombo succeeded last year in quashing their convictions for manipulating Libor, a now-defunct interbank rate.
CCRC's Decision on Appeals
"After analysing the submissions in all five cases ..., the CCRC has determined there is no distinguishing factor between these cases and the cases of Mr Hayes and Mr Palombo, and the jury misdirection and legal errors have undermined the safety of all the convictions," the CCRC said.
Comparison with Previous Cases
(Reporting by Kirstin Ridley; Editing by Tommy Reggiori Wilkes)
Key Takeaways
- •Five traders can appeal their rate-rigging convictions.
- •The CCRC found legal errors in the original trials.
- •Similar cases had convictions overturned last year.
- •The appeal follows the success of Tom Hayes and Carlo Palombo.
- •The decision impacts global benchmark interest rates.
Frequently Asked Questions about Five former traders win right to appeal UK rate-rigging convictions
1What is the main topic?
The article discusses the right to appeal granted to five former traders convicted of rate-rigging in the UK.
2Another relevant question?
Why were the traders granted the right to appeal? Legal errors and jury misdirection were found in their original trials.
3Third question about the topic?
What impact does this have? It could affect perceptions of legal processes in financial markets.
