Former Barclays Traders Cleared to Appeal Rate Rigging Convictions

Five former traders jailed in Britain for manipulating global benchmark interest rates have been granted the right to appeal their convictions, marking a major development in one of the UK’s most high profile financial crime sagas. The decision was made by the Criminal Cases Review Commission, which said there was no meaningful distinction between their cases and those of two other traders whose convictions were overturned last year. The ruling allows the former traders to return to the Court of Appeal, reopening long running questions about how rate rigging cases were prosecuted and whether juries were properly directed on the law. The men were convicted in separate trials linked to the manipulation of Libor, once a key reference rate underpinning trillions of pounds in global financial contracts.

The traders sought a review after earlier convictions related to Libor manipulation were quashed, prompting renewed scrutiny of similar cases. The review body concluded that legal errors and misdirection of juries may have undermined the safety of all five convictions. Three of the traders were convicted in 2016 and sentenced to prison terms ranging from two to more than six years. Two others were convicted later, with one receiving an eight year sentence after leaving the UK before trial and another jailed for five years following a conviction in 2019. The Serious Fraud Office, which brought the prosecutions, has previously acknowledged that other convictions could be unsafe following the earlier appeals.

The decision represents a significant moment for the former traders, some of whom have maintained for years that they were wrongly convicted for conduct that was widespread across the banking industry at the time. Their legal teams argue that the cases failed to distinguish between unlawful manipulation and accepted market practice, a distinction that appellate judges later found critical. Lawyers welcomed the referral, calling it an essential step toward justice after lengthy legal battles. While the ruling does not amount to an acquittal, it opens the door to a fresh examination of evidence and legal arguments by senior judges.

The broader implications extend beyond the individuals involved. The Libor scandal reshaped global financial regulation and led to sweeping reforms in benchmark rate setting. It also resulted in billions of pounds in fines for banks and criminal prosecutions that were once seen as landmark victories against market abuse. However, the collapse of several convictions has raised concerns about how complex financial behaviour was presented to juries and whether criminal law was the right tool for addressing misconduct in opaque markets. The appeal process is now expected to test the robustness of remaining convictions and could influence how future financial crime cases are handled in the UK.

Libor, which was phased out in recent years, once played a central role in determining borrowing costs for mortgages, loans and derivatives worldwide. The renewed focus on past prosecutions underscores the lasting impact of the scandal on London’s financial reputation. As the appeal court prepares to consider the cases, attention will remain firmly on whether the justice system can reconcile accountability for market abuse with fairness for individuals caught up in one of the most complex episodes in modern financial history.