Former Barclays traders have rate-rigging convictions quashed

What happened: Five former Barclays traders had their rate-rigging convictions quashed by the Court of Appeal on Wednesday. Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham had been convicted over manipulating Libor and Euribor. Key numbers: Convictions overturned Wednesday. Why it matters: The ruling follows overturned convictions for Tom Hayes and Carlo Palombo, who argued they were prosecuted for normal commercial practices. The SFO did not oppose the appeals. Christian Bittar will challenge his conviction on 9 October.

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