Alleged uncertainties in the legitimacy of conviction for rate-fixing scandals acknowledged by the Serious Fraud Office (SFO)

The Serious Fraud Office (SFO) is under pressure following the Supreme Court's decision to overturn the convictions of Tom Hayes and Carlo Palombo, who were jailed for manipulating benchmark interest rates. The ruling has cast doubt on all convictions related to Libor and Euribor, with five other men - Jonathan Mathew, Jay Merchant, Alex Pabon, Philippe Moryoussef, and Colin Bermingham - potentially having their convictions affected.

The scandal, which broke in 2012, caused widespread anger at a time when bankers were under scrutiny for their role in the financial crisis. Tom Hayes, the first person to be convicted by a jury for rate rigging, criticised the SFO for taking ten years to acknowledge 'continued failures' in the trials.

The Supreme Court's judgment last month affected the fairness of Tom Hayes's trial, and the SFO has since announced a review of the cases in light of the ruling. However, the conviction of sixth jailed trader Peter Johnson, who pleaded guilty to similar allegations, was deemed safe by the SFO. The case of a seventh man, Christian Bittar, who also received a prison sentence for rate rigging, was not mentioned in the SFO's statement.

The basis of the judgment in the Hayes and Palombo appeals may also apply to the cases of Mathew, Merchant, Pabon, Moryoussef, and Bermingham. Hayes described the fate of another whistle-blower, Peter Johnson, as a 'travesty'. The SFO has a duty to inform past defendants about any development that could affect their conviction, and they have reassured the public that they will do so.

The SFO spokesman stated, "We will inform past defendants about any development that could affect their conviction. We are committed to ensuring that justice is served in all cases." The text does not provide specific information about which men were charged and convicted in the Libor and Euribor scandals, nor does it mention any Supreme Court ruling that might call these convictions into question.

As the SFO reviews the cases, it remains to be seen whether the convictions of Mathew, Merchant, Pabon, Moryoussef, and Bermingham will be overturned. The overturning of Hayes and Palombo's convictions has raised questions about the fairness of the trials and the effectiveness of the SFO in investigating and prosecuting financial crime. The SFO will need to act swiftly and transparently to restore public confidence in its ability to deliver justice.

Alleged uncertainties in the legitimacy of conviction for rate-fixing scandals acknowledged by the Serious Fraud Office (SFO)