The UK's Serious Fraud Office has said the exonerations of the City traders accused of rate rigging could lead to the convictions of a further five individuals being overturned.
Tom Hayes and Carlo Palombo, who were both jailed for rigging Libor and Euribor interest rates, had their convictions overturned by the Supreme Court on 23 July after a lengthy legal battle.
In an update posted today (29 August) in response to the Supreme Court Judgement, the SFO said it has made an assessment on six individuals.
“We consider that the jury directions, given at Hayes’ and subsequently Palombo’s trial and which were the basis of the court’s judgment, may apply to Jonathan Mathew, Jay Merchant, Alex Pabon, Philippe Moryoussef and Colin Bermingham’s trials,” a statement said.
“Therefore, their convictions may be considered unsafe.”
A sixth individual, Peter Johnson, is unlikely to receive a reprieve.
“We have considered the judgment in respect of his guilty plea, and we consider that the conviction is safe,” the prosecutor added.
“It is for each defendant to consider whether they wish to progress their case to the Criminal Cases Review Commission or the Court of Appeal.”
