Published by Global Banking & Finance Review®
Posted on January 29, 2026
1 min readLast updated: January 29, 2026
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Five traders in the UK can appeal their rate-rigging convictions due to legal errors, following similar successful appeals last year.
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.
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.
"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.
(Reporting by Kirstin Ridley; Editing by Tommy Reggiori Wilkes)
The article discusses the right to appeal granted to five former traders convicted of rate-rigging in the UK.
Why were the traders granted the right to appeal? Legal errors and jury misdirection were found in their original trials.
What impact does this have? It could affect perceptions of legal processes in financial markets.
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