LONDON, 30 Jan. - (ANA) - The Criminal Cases Review Commission has today referred the cases of five more individuals convicted of LIBOR and EURIBOR-related fraud offences to the Court of Appeal.

 

The CCRC’s decision to refer the cases of Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham comes after the Supreme Court last year overturned similar convictions of Carlo Palombo and Tom Hayes.

 

It is now for the Court of Appeal to determine whether the five referred convictions should also be quashed. The SFO, which originally brought the prosecutions, has already publicly conceded that the convictions are unsafe.

 

If the five referred convictions are quashed it will bring the total number of acknowledged victims of LIBOR / EURIBOR related miscarriages of justice to seven.

 

The law firm Hickman & Rose represents Jay Merchant, Jon Mathew and Philippe Moryoussef in their appeals and previously represented Carlo Palombo in his successful Supreme Court appeal.

 

 

 

 

"While not yet the acquittal they all deserve, the referral from the CCRC is a vital step in these individuals’ long journey to justice.

 

"Just as with my client Carlo Palombo, these men’s lives were turned upside down by their prosecutions and convictions for fraud.

 

"They have always argued that the case against them was fundamentally unfair and flawed.

 

"The Supreme Court’s ruling in the separate but related cases of Carlo Palombo and Tom Hayes, plus the SFO’s subsequent concession that their cases are unsafe, demonstrate they were right.

 

"I very much hope the Court of Appeal will act swiftly to quash these unjustified convictions.” 

 

The SFO concluded in October last year that the conviction of another trader, Peter Johnson, was “safe”.

 

Mr Johnson, 71, was jailed for four years in 2016 for conspiracy to defraud - despite being the whistleblower for the behaviour of far more senior bankers.

 

Ellen Gallagher, Partner at Vardags who represents Mr Johnson, commented:

 

"I welcome the SFO's referrals of the other traders, but am perplexed that they persist in their assertion that Peter Johnson committed a crime, when the activity he undertook and the flawed prosecution he was then subjected to was the same as the others whose convictions the SFO accepts were unsafe.

 

"Other countries have also concluded that the Libor activities are not criminal.

 

"It seems to me the SFO is clutching at straws in an attempt to ensure it can chalk up at least one conviction in these prosecutions, which have been a fiasco from the start.

 

"Mr Johnson remains disappointed with the SFO's position relating to him and he will not rest until his wrongful conviction is also overturned."

 

 

 

 

"This is a welcome step for my fellow traders whose lives were ruined by these wrongful prosecutions.

 

"But justice will not be achieved until every victim of this dreadful miscarriage has been exonerated."   - (ANA) -

 

AB/ANA/30 January 2026 - - -