Six former city workers who were convicted of rate-rigging have had their convictions quashed after new evidence came to light. The individuals were originally found guilty of manipulating the London interbank offered rate (Libor), a key interest rate used in financial markets around the world.

The convictions were overturned by the Court of Appeal after it was revealed that crucial evidence had not been disclosed during the original trial. The new evidence called into question the reliability of the prosecution's key witness, a former trader who had cooperated with authorities in exchange for immunity.

The rate-rigging scandal had rocked the financial industry and led to billions of dollars in fines for major banks. The accused individuals were part of a group of traders who allegedly conspired to manipulate Libor for their own financial gain.

The quashing of these convictions has raised concerns about the fairness of the original trial and the reliability of witness testimony in high-profile cases. The individuals have been released from prison pending a possible retrial.

The case highlights the challenges of prosecuting financial crimes in a complex and globalized industry, where evidence and witnesses can be difficult to verify.