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Mitchell Labiak, a Business reporter for BBC News, reported that four traders are appealing to have their rate-rigging convictions overturned following the Supreme Court’s decision to quash two rate-rigging cases on Wednesday. The traders seeking acquittal are Jay Merchant, Jonathan Mathew, Philippe Moryoussef, and Christian Bittar. They were convicted of manipulating the interest rates used for loans between banks, known as Libor in the UK, a crucial issue during the 2008 financial crisis.
Law firm Hickman & Rose stated, “Following the Supreme Court’s landmark decision yesterday to quash the convictions of Tom Hayes and Carlo Palombo, all four of our clients now intend to appeal against their convictions.” The four convictions stemmed from an investigation by the Serious Fraud Office into whether traders had been manipulating Libor for profit. Libor came under scrutiny following the financial crisis in 2008 and has since been discontinued, with its European equivalent Euribor undergoing reforms.
With the Supreme Court ruling in favor of Mr. Hayes and Mr. Palombo, the appeal process for the four traders is expected to be more straightforward. The Serious Fraud Office chose not to comment on the traders’ appeal but did express its stance on not seeking a retrial in the wake of the ruling on Mr. Hayes and Mr. Palombo’s case. The Libor scandal first surfaced in 2012, revealing that banks were artificially inflating rates for profit and lowering them to mask financial difficulties during the global financial crisis. In 2023, the BBC brought to light evidence of a broader state-led “rigging” of interest rates under pressure from central banks and governments during the financial crisis.
Mr. Hayes and Mr. Palombo argued that they were unfairly prosecuted for what they deemed as normal commercial practices, orchestrated to pacify public outrage towards the banking sector in response to the financial crisis
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