Former Barclays traders have rate-rigging convictions quashed

UK · 2026-10-07

1. Step 1 · The triggerCourt of Appeal quashes five Barclays traders' LIBOR convictions on legal-technical grounds, following Hayes/Palombo 2023 precedent
2. Step 2 · Knock-onthe Serious Fraud Office's remaining LIBOR convictions face accelerated appeal risk and its deterrent credibility weakens
3. Step 3 · Knock-onBarclays faces renewed civil litigation from claimants who relied on the criminal findings, and the FCA may review the 2012 settlement's adequacy
4. Step 4 · Knock-onUK bank counterparties face higher litigation-insurance and compliance costs as enforcement uncertainty rises
5. Step 5 · Reaches youSMEs with legacy LIBOR-linked contracts or Barclays banking relationships face documentation-review costs and potential rate-fallback ambiguity

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Source: BBC News — Business

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