Small font size A Larger text size A Largest text size A

Five former traders win right to appeal UK rate-rigging convictions

BY Reuters | ECONOMIC | 01/29/26 09:17 AM EST

LONDON, Jan 29 (Reuters) - Five former traders jailed in Britain for rigging global benchmark interest rates ?can launch a fresh attempt to ?overturn their convictions, Britain's ?Criminal Cases Review Commission (CCRC) said ?on ?Thursday. Alex Pabon, Jay Merchant, Jonathan Mathew, ?Philippe Moryoussef and ?Colin Bermingham turned to the CCRC after ?former traders ?Tom Hayes ?and Carlo Palombo succeeded last year in quashing their convictions ?for manipulating Libor, a now-defunct interbank rate.

"After analysing the submissions in all five cases ..., the CCRC has ?determined ?there is no distinguishing factor between these cases ?and the cases of Mr Hayes and Mr Palombo, and the jury misdirection and legal errors have undermined the safety ?of all the convictions," the CCRC said.

(Reporting by Kirstin Ridley; ?Editing by Tommy Reggiori Wilkes)

More Fixed Income News

India budget seeks manufacturing pivot, but falls short of expectations BY Reuters |ECONOMIC 02:02 AM EST
Trump says Fed nominee Warsh could garner Democratic support BY Reuters |ECONOMIC 01/31/26 10:45 PM EST
Trump says his Fed nominee Warsh could pick up support from Democrats BY Reuters |ECONOMIC 01/31/26 09:26 PM EST
Bitcoin falls below $80,000, continuing decline as liquidity worries mount BY Reuters |ECONOMIC 01/31/26 04:35 PM EST

All Fixed Income News

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

fir_news_article