Five former City traders who were convicted of rigging interest rates are set to have their convictions overturned after a decade-old ruling against trader Tom Hayes was quashed by the Supreme Court last year. The Criminal Cases Review Commission (CCRC) has now referred the cases back to the court of appeal, citing "inaccurate and unfair" jury instructions that led to the convictions.
The men were jailed between 2016 and 2019 on charges related to manipulating the euro interbank offered rate (Euribor) and the London interbank offered rate (Libor). The Euribor and Libor rates had a significant impact on ordinary people's pensions, mortgages, and savings, affecting hundreds of trillions of pounds and euros worth of financial products worldwide.
The CCRC has found that all five men - Alex Pabon, Jay Vijay Merchant, Jonathan Mathew, Philippe Moryoussef, and Colin Bermingham - have similar grounds for appeal as Hayes, whose conviction was quashed due to flawed jury instructions. The commission states that "the jury misdirection and legal errors" in their cases have undermined the safety of all five convictions.
The men were given prison sentences ranging from two to six-and-a-half years after being convicted of conspiracy to defraud in 2016. Moryoussef was sentenced to eight years, while Bermingham received a five-year sentence.
In light of the Hayes and Palombo rulings, the CCRC has determined that there is "no distinguishing factor" between these cases and those of the two traders who had their convictions quashed. The CCRC will now refer the cases back to the court of appeal for them to decide whether the convictions are "unsafe."
The recent developments have come as a surprise to many, with Hayes accusing his former employer UBS of pinning the blame on him for the Libor scandal and suing the bank for $400m. The Libor scandal led to fines of almost $10bn for a dozen banks and brokerages, with Hayes claiming he was an "evil mastermind" behind the affair.
The men were jailed between 2016 and 2019 on charges related to manipulating the euro interbank offered rate (Euribor) and the London interbank offered rate (Libor). The Euribor and Libor rates had a significant impact on ordinary people's pensions, mortgages, and savings, affecting hundreds of trillions of pounds and euros worth of financial products worldwide.
The CCRC has found that all five men - Alex Pabon, Jay Vijay Merchant, Jonathan Mathew, Philippe Moryoussef, and Colin Bermingham - have similar grounds for appeal as Hayes, whose conviction was quashed due to flawed jury instructions. The commission states that "the jury misdirection and legal errors" in their cases have undermined the safety of all five convictions.
The men were given prison sentences ranging from two to six-and-a-half years after being convicted of conspiracy to defraud in 2016. Moryoussef was sentenced to eight years, while Bermingham received a five-year sentence.
In light of the Hayes and Palombo rulings, the CCRC has determined that there is "no distinguishing factor" between these cases and those of the two traders who had their convictions quashed. The CCRC will now refer the cases back to the court of appeal for them to decide whether the convictions are "unsafe."
The recent developments have come as a surprise to many, with Hayes accusing his former employer UBS of pinning the blame on him for the Libor scandal and suing the bank for $400m. The Libor scandal led to fines of almost $10bn for a dozen banks and brokerages, with Hayes claiming he was an "evil mastermind" behind the affair.
and I'm thinking what about all the people who lost money on those rigged interest rates? like, thousands of homes and pensions were affected by this scandal... it's not just about these five guys 
does anyone know how much money they'll be getting back or if anyone is actually gonna get compensated for the harm they caused? 
this is crazy... five guys go down for rigging interest rates that affect trillions of pounds and euros worth of savings and pensions worldwide, and now we're finding out their convictions might be overturned due to flawed jury instructions? 
it's like they were scapegoated for a system-wide problem. these men are getting second chances, but what about the innocent lives affected by their actions? 
. It's all about the process and the system, right? I'm not saying they're innocent or anything, but it's interesting to see how these cases keep getting reopened.
I'm loving this development, but it's also super frustrating that these men were jailed in the first place! It's crazy to think that their cases might be going back to court because of some jury instructions being a bit wonky. Like, we get it, mistakes happen, but 5 years for manipulating interest rates seems like a pretty big deal... especially when you're talking about trillions of pounds and euros worth of financial products 
. I'm all for accountability, but let's make sure the justice system is fair and not just some game of chance 
. Five men who were locked up for their role in manipulating interest rates that affected hundreds of trillions of pounds and euros worth of financial products worldwide are about to have their convictions overturned because of some dodgy jury instructions 
. Its not just unfair, its also a slap in the face to every ordinary person whose pension or mortgage was impacted by these guys shady dealings 
I'm all for fairness and justice, but when the rules are bent like that its just frustrating 
. Its not just about the money though, its about the principle. If these guys were willing to take on a global financial system and come out on top, then why should they be held accountable? 
.
But I guess you can't change the past, right? The CCRC saying that there's "no distinguishing factor" between these cases and Hayes' is a bit worrying for me though... what if it just means they're all gonna get off scot-free? 
And poor Tom Hayes still having to deal with UBS pinning the blame on him... $400m lawsuit, wow! 
! I mean, think about it - we're talkin' hundreds of trillions of pounds and euros affected by their alleged actions, and now they might get off scot-free 
. I mean, Hayes was already acquitted last year due to similar issues with the jury, but this is a whole new wave of bad news 
. The fact that there's no distinguishing factor between his case and these five others is just a huge red flag 
. This whole thing reeks of cover-up and corruption 
- I'm keeping an eye on this one 
.
it's like the door to justice is open for them or whatever... meanwhile Hayes is just like "I told you so" over here