Court of Appeal overturns convictions of five former Barclays traders

The financial crisis began in 2008, sending huge economic shockwaves across the world and triggering recessions in many countries.

There was a public backlash against bankers, held by many to be responsible for the crisis, while the financial sector was protected by taxpayer-funded bailouts.

The Libor scandal erupted in 2012, when it was discovered that at the outbreak of the financial crisis, banks had been misrepresenting their positions during the process of setting the lending rate, helping to boost profits and mask difficulties.

Some 19 City traders were convicted in the US and UK between 2015 and 2019 across nine criminal trials held in London and New York.

Each of the former Barclays traders in Wednesday's successful appeal had originally been convicted of a single count of conspiracy to defraud as result of alleged attempts to influence financial benchmark rates.

Two other bankers have already had their names cleared.

Tom Hayes, a former trader at Swiss bank UBS, was the first banker jailed. He won a 10-year legal battle last year to have his conviction overturned at the Supreme Court in July 2025.

His victory alongside that of fellow trader Carlo Palombo, who was jailed in 2019, paved the way for others to challenge their convictions.

Hayes and Palombo argued they were wrongly prosecuted for what were normal commercial practices in order to appease public anger towards the banks over the financial crisis.

Pabon, 48, who had his name cleared on Wednesday, hailed Hayes for his refusal to "let it go". He had "pushed this through" for the rest of them, he said.

The Serious Fraud Office (SFO), which brought the original case against the traders, has not opposed the appeals.

Barclays bank has been contacted for comment.

The latest ruling means just two traders still have convictions over interest rate rigging - former Deutsche Bank trader Christian Bittar and former Barclays trader Peter Johnson.

Bittar was jailed in 2018 after pleading guilty and served two years in prison. He will challenge his conviction on 9 October.

Johnson was the original whistleblower calling attention to the Libor scandal but pleaded guilty on advice that he had little chance of winning at trial. He also hopes to appeal.