Barclays Libor/Euribor convictions quashed for five traders

What's happened

The Court of Appeal has quashed the convictions of five Barclays traders tied to Libor and Euribor manipulation. This follows the Supreme Court’s 2025 overturns of other traders’ convictions. The Serious Fraud Office says it does not oppose retrials for Hayes and Palombo and will not contest the appeals of the five Barclays traders.

What's behind the headline?

Brief

• The five Barclays traders have had their convictions overturned by the Court of Appeal, following a string of high-profile reversals that began with Tom Hayes.
• The Supreme Court’s previous rulings found faults in jury directions, prompting a re-examination that culminates in today’s acquittals.
• This sequence of events marks a significant rollback of Libor/Euribor prosecutions and raises questions about the fairness of earlier trials and the sustainability of past convictions.

What this means

• Jailed defendants have their records cleared, and legal questions about trial directions become central to ongoing reforms in financial crime prosecutions.
• The SFO’s position to stop retrials for Hayes and Palombo and not contest these appeals signals a shift in strategy for coerced or misguided prosecutions.

Forecast

• It is likely that more appeals and referrals will follow as the SFO re-evaluates other Libor/Euribor-related cases, potentially further diminishing the number of active prosecutions in this domain.

How we got here

Convictions related to Libor and Euribor manipulation were secured between 2016 and 2019. The 2025 Supreme Court rulings that overturned Hayes and Palombo set a precedent for reassessing other cases. The SFO’s stance facilitated today’s Court of Appeal decisions, which quashed the Barclays traders’ convictions and referred others for potential retrial.

Our analysis

AP News reports the verdicts and context; The Guardian provides details on the Court of Appeal’s decision and quotes from affected individuals; Arab News notes the international reaction; Bloomberg consolidates the convictions tied to Libor/Euribor.

Go deeper

• What are the next steps for remaining Libor/Euribor cases?
• How are victims and pension holders reacting to the reversals?

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