Court of Appeal praises CCRC as five city traders’ convictions are quashed 

The Court of Appeal has today praised the work of the Criminal Cases Review Commission as the convictions of five city traders related to the setting of exchange rates, were quashed. The CCRC referred their cases earlier this year.   

Alex Pabon, Jay Vijay Merchant and Jonathan Mathew were convicted of conspiracy to defraud in 2016 at Southwark Crown Court and were given prison sentences ranging from two to six and a half years.  

Philippe Moryoussef was convicted of conspiracy to defraud in 2018, also at Southwark Crown Court. He was sentenced to eight years’ imprisonment. Colin Bermingham was convicted in 2019 and given a five-year prison sentence. 

The CCRC received applications from all five men in August 2025, following the Supreme Court decision to quash the convictions of Tom Hayes and Carlo Palombo. These were also CCRC referrals.  

At the hearing today, Lord Justice Edis said: “A great deal of work was done in the Commission leading up to those references.  

“The Court is extremely grateful to all of those who contributed to the work that has assisted us to do our job, before the reference, after the reference and in preparation for this hearing.” 

LIBOR (London Interbank Offered Rate) is the average interest rate that leading banks in London estimate they would be charged when borrowing from other banks. EURIBOR (Euro Interbank Offered Rate) is a similar reference rate for Euro zone banks.  

Mr Pabon and Mr Merchant were LIBOR traders based in New York. Mr Mathew was a LIBOR submitter and junior trader based in London.  

Mr Moryoussef was a senior trader based in London, and Mr Bermingham was also based in London and was responsible for making Barclays’ daily EURIBOR submissions. Mr Bermingham was convicted alongside Carlo Palombo. 

CCRC Chair Dame Vera Baird KC said: “It is only right that these five men have had their convictions quashed today, like Tom Hayes and Carlo Palombo. During our review, and following the Supreme Court judgment, we determined there were no distinguishing factors between these cases, and the jury misdirection as well as legal errors undermined the safety of the convictions. 

“We welcome today’s decision. Anyone else who believes they have been a victim of a miscarriage of justice, and who has already lost their appeal, should apply to us.” 

[ENDS] 

Notes to Editor:  

1. The CCRC is an independent body set up under the Criminal Appeal Act 1995. It is responsible for independently reviewing suspected and alleged miscarriages of criminal justice in England, Wales and Northern Ireland. It is based in Birmingham and is funded by the Ministry of Justice.      

2. There are currently 16 Commissioners who bring to the CCRC considerable experience from a wide variety of backgrounds. Commissioners are appointed by the monarch on the recommendation of the Prime Minister in accordance with the Office for the Commissioner for Public Appointments’ Code of Practice.   

3. The CCRC received more than 1,800 applications for reviews (convictions and/or sentences) last year. Since starting work in 1997, the CCRC has referred more than 900 cases to the appeal courts.        

4. The CCRC considers whether, as a result of new evidence or argument, there is a real possibility that the conviction would not be upheld were a reference to be made. New evidence or argument is argument or evidence which has not been raised during the trial or on appeal.  Applicants should usually have appealed first. A case can be referred in the absence of new evidence or argument or an earlier appeal only if there are “exceptional circumstances”.       

5. If a case is referred, it is then for the appeal court to decide whether the conviction is unsafe.       

6. More details about the role and work of the Criminal Cases Review Commission can be found at www.ccrc.gov.uk. The CCRC can be found on X, Facebook, Instagram (@the_ccrc) and Linkedin.