Five former Barclays traders have convictions for rigging rates quashed

Legal battle ends after appeals

Prosecutors had originally cast these men as symbols of banker greed during the 2008 financial crisis. The traders were jailed for manipulating interest rates used to set costs on loans like mortgages. This ruling follows a previous decision last year that cleared two other former City traders.

Specific charges and mechanisms

The prosecutions concerned manipulation of Libor and Euribor, which determined borrowing costs globally. Five individuals including Jay Merchant and Alex Pabon served various jail terms before release. One defendant was sentenced in his absence after France refused to extradite him.

Impact on defendants lives

One trader stated the strain of the ordeal burdened him for ten years. He expressed that clearing his name provided validation that an injustice occurred. The group now faces a future without criminal records for these specific charges.