More former City traders convicted on fraud-related charges are to appeal following last week's Supreme Court judgment quashing the convictions of Tom Hayes and Carlo Palombo.

Litigation specialist Hickman & Rose is acting for Jay Merchant, Christian Bittar, Philippe Moryoussef and Jonathan Matthew.

Merchant, a former Barclays employee, was sentenced to six-and-a-half years in prison after he was convicted of conspiracy to defraud following an 11-week trial in 2016. His sentence was later reduced by a year on appeal. 

Matthew, who was not a trader but a former Barclays rate submitter, was convicted of conspiracy to defraud and sentenced to four years' imprisonment in 2016.

Former traders Tom Hayes (R) and Carlo Palombo (L) outside the Supreme Court

Hayes (right) and Palombo’s convictions were quashed by the Supreme Court this week

Source: ANDY RAIN/EPA/Shutterstock

In 2018, Bittar, a former Deutsche Bank trader, was sentenced to five years and four months' imprisonment after pleading guilty to being part of a conspiracy to defraud. Former Barclays trader Moryoussef, who moved to France before being convicted at trial, was sentenced in his absence to eight years’ imprisonment. 

A spokesperson for Hickman & Rose, which represented Palombo, said: ‘Following the Supreme Court’s landmark decision to quash the convictions of Tom Hayes and Carlo Palombo, all four of our clients now intend to appeal against their convictions. In those circumstances, they don’t intend to comment further at this time.’

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