Court of Appeal Annuls Convictions of Five Former Bankers

The convictions of five former bankers who were found guilty of rigging interbank lending rates have been quashed by the Court of Appeal. Jonathan Mathew, Philippe Moryoussef, Alex Pabon, Colin Bermingham and Jay Merchant had their convictions overturned on appeal due to procedural errors made by the prosecution during the original trial. The court ruled that key evidence presented by the prosecution was unreliable, citing issues with witness testimony and document authenticity. As a result, the appeals court has ordered a new trial for the defendants. The five former bankers were originally found guilty in 2014 of manipulating the London interbank offered rate (Libor) between 2005 and 2012. The convictions were seen as significant because the Libor scandal had far-reaching consequences for financial institutions worldwide. However, the convictions have now been annulled due to errors made by the prosecution during the original trial.