Summary
Four traders in the UK, who were convicted for manipulating bank interest rates known as Libor, are seeking to have their convictions overturned. This follows a decision by the Supreme Court to overturn similar convictions of two other traders.
Key Facts
- Four traders, Jay Merchant, Jonathan Mathew, Philippe Moryoussef, and Christian Bittar, are appealing their convictions related to Libor rate manipulation.
- Their appeal comes after the UK Supreme Court overturned the rate-rigging convictions of two other traders, Tom Hayes and Carlo Palombo.
- Libor, the interest rate used in loans between banks, was central to the financial crisis in 2008.
- The Serious Fraud Office had investigated these traders for manipulating Libor to make a profit.
- The Libor-related scandal was exposed in 2012, revealing banks inflated rates for trading profit and lowered them to hide financial struggles.
- Libor has been discontinued and its European counterpart, Euribor, is undergoing changes.
- The traders argue their actions were normal business practices, not crimes, amidst public frustration over the financial crisis.
- The Serious Fraud Office has chosen not to seek a retrial for the overturned cases of Hayes and Palombo, citing no public interest benefit.
