Ex-bankers jailed for rigging rates have convictions quashed

The men, previously jailed, saw their verdicts overturned in a decision announced early that day. This reversal adds to a series of recent judgments overturning rate‑rigging cases, and it arrives as prosecutions by the UK's Serious Fraud Office appear to be unraveling. Reuters reported that the convictions were quashed as the SFO’s broader case unravels, while The Guardian and Bloomberg described the ruling as a reversal of earlier judgments against ex‑Barclays staff.

AP News confirmed that five traders jailed for manipulating rates had their convictions erased, and the BBC echoed the development, noting the ex‑bankers’ sentences were vacated by the London court. The coverage underscores a growing pattern of judicial setbacks for the SFO’s high‑profile fraud prosecutions. The overturning occurs amid ongoing legal challenges to the SFO’s strategy, but coverage does not detail the specific legal grounds the judges applied.

No information is provided about whether the prosecutions will be renewed or if further appeals are expected, leaving the next procedural steps uncertain.