Former Barclays traders have rate-rigging convictions quashed

Five former Barclays traders who were jailed in one of the biggest scandals of the financial crisis have had their convictions overturned following a long-running legal battle. Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon, Colin Bermingham were convicted following trials for manipulating the interest rates used for loans between banks. But their convictions were quashed on Wednesday by the Court of Appeal.

The ruling came after two other former City traders had their convictions overturned last year, which has paved the way for others to appeal. The traders were cast by prosecutors as a symbol of banker greed amid public backlash and anger during the 2008 financial crisis.