Court of Appeal victory for Constantine Law client as LIBOR convictions quashed

Following on from the Supreme Court decision in Hayes and Palombo last year, our client Alex Pabon, was one of 5 former Barclays traders to see their convictions quashed in the Court of Appeal yesterday (Wednesday 7 October, 2026)

Mr Pabon, who attended the Court of Appeal hearing remotely from Houston, had his 10 year old LIBOR conviction overturned in what was probably one of the most significant series of trials brought by the SFO.

In a statement, the SFO said yesterday “After carefully considering this judgment and the full circumstances, ​we do not oppose the appeals ​of five individuals convicted by juries in relation ​to Libor and Euribor.”

Constantine Law partner, John Milner, acted pro bono for Mr Pabon and is hugely indebted to Counsel Tom Allen KC and Nick James for leading the case.

The long-running case has attracted significant media attention. Read more about the case below:

Ex-Barclays traders jailed for rigging interest rates have convictions quashed | Banking | The Guardian

Ex-Barclays traders’ rate-rigging convictions quashed

Ex-bankers jailed for rigging rates have convictions quashed - BBC News