Business · Markets · 4 hrs ago
UK court clears traders convicted in Libor-Euribor case
A UK appeals court has overturned convictions in the case over alleged manipulation of Libor and Euribor, two interbank interest rates.
The cleared former traders include French nationals Christian Bittar and Philippe Moryoussef, as well as Jay Merchant, Jonathan Mathew, Alex Pabon and Colin Bermingham.
The case began after British and US financial regulators accused banks of manipulating the rates from 2012.
The case later became a criminal prosecution, and traders who worked on the relevant trading desks were convicted.
The court rulings mean those convictions have been overturned.
Bittar spent 23 months in prison, while Moryoussef was subject to a European arrest warrant that kept him from leaving France from 2018.
The long legal cases cost the men their jobs, income and reputations.
The UK Court of Appeal overturned the convictions of six traders in the Libor-Euribor case.
The six include French former traders Christian Bittar and Philippe Moryoussef, and Jay Merchant, Jonathan Mathew, Alex Pabon and Colin Bermingham.
The court overturned Moryoussef’s conviction on 7 October 2026 and Bittar’s on 9 October 2026.
The case concerned alleged manipulation of the Libor and Euribor interbank interest rates.
Le Monde described the case as a major miscarriage of justice.
- Who
- Six former traders, including Christian Bittar and Philippe Moryoussef.
- What
- The UK Court of Appeal overturned their convictions in the Libor-Euribor case.
- When
- 7 and 9 October 2026.
- Where
- The United Kingdom.
- Why
- Not stated.
This story does not have two clearly opposing sides.
I have waited for this day for a very, very long time. Finally, the injustice I suffered with others has been recognised.
UK and US financial regulators began penalising banks over alleged Libor and Euribor manipulation.
Tom Hayes was sentenced to 14 years in prison at first instance.
The Court of Appeal overturned Philippe Moryoussef’s conviction.
The Court of Appeal overturned Christian Bittar’s conviction.
- Traders cleared
- Six
- French traders
- Christian Bittar and Philippe Moryoussef
- Other traders
- Jay Merchant, Jonathan Mathew, Alex Pabon and Colin Bermingham
- Moryoussef conviction overturned
- 7 October 2026
- Bittar conviction overturned
- 9 October 2026
Sources
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