Four traders, Jay Merchant, Jonathan Mathew, Philippe Moryoussef, and Christian Bittar, are appealing their rate-rigging convictions after the Supreme Court quashed two previous cases. The court’s decision, which overturned convictions of Tom Hayes and Carlo Palombo, means the four new traders may have a simpler appeal process.
The convictions stem from an investigation by the Serious Fraud Office into alleged Libor manipulation for profit. Following a landmark ruling in favour of Mr. Hayes and Mr. Palombo, the office stated it would not seek a retrial due to public interest concerns.
The Libor scandal emerged in 2012, with evidence revealing banks artificially inflated rates to profit from trading and lowered them to mask financial troubles. A more extensive “rigging” of interest rates was uncovered by the BBC in 2023, under pressure from central banks and governments during the financial crisis.
Source: https://www.bbc.com/news/articles/ckglglj7dgdo