A second former Barclays trader whose conviction related to the Libor and Euribor manipulation scandal was overturned this month has announced plans to sue the bank. Philippe Moryoussef, one of six men whose convictions were recently quashed, told reporters he intends to hold Barclays accountable for its role in the scandal, claiming that the bank used employees as “scapegoats.”

Moryoussef joins Jay Merchant, another former Barclays trader with a recently overturned conviction, in pursuing legal action against the bank. “We are all scapegoats,” Moryoussef said.

The rate-rigging scandal, first exposed 14 years ago, involved allegations that traders manipulated the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor), two critical global interest rate benchmarks. The scandal led to regulatory fines totaling approximately $10 billion across multiple financial institutions worldwide.

In the United Kingdom, the Serious Fraud Office (SFO) secured nine convictions related to the scandal, but since July 2025, eight of these have been overturned. Moryoussef was notably the only individual convicted in the UK not to have served prison time. He fled to France prior to his trial on Euribor manipulation charges in 2018, was sentenced to eight years in absentia, and France subsequently refused to extradite him.

Moryoussef alleged Barclays prioritized a swift resolution with regulators over protecting its employees. He claimed the bank was fully aware of his trading activities, stating that his work took place on an open trading floor where everything was recorded, and management monitored the business closely.

Barclays declined to comment on the matter.