Traders jailed for interest rate rigging have convictions overturned
by 0 
Two traders jailed for rigging interest rates have had their convictions overturned by the Supreme Court.
Tom Hayes, 45, was handed a 14-year jail sentence – cut to 11 years on appeal – in 2015, which was one of the toughest ever to be imposed for white-collar crime in UK history.
The former Citigroup and UBS trader, along with Carlo Palombo, 46, who was jailed for four years in 2019 over rigging the Euribor interest rates, took their cases to the country’s highest court after the Court of Appeal dismissed their appeals last year.
The Supreme Court unanimously allowed Hayes’ appeal, overturning his 2015 conviction of eight counts of conspiracy to defraud by manipulating Libor, a now-defunct benchmark interest rate.
Ex-vice president of euro rates at Barclays bank Mr Palombo’s conviction for conspiring with others to submit false or misleading Euribor submissions between 2005 and 2009 was also quashed.
A spokesperson for the Serious Fraud Office (SFO), which opposed the appeals, said it would not be seeking a retrial.
In 2012, the SFO began criminal investigations into traders it suspected of manipulating the Libor and Euribor benchmark interest rates.
Mr Hayes was the first person to be prosecuted by the SFO, which brought prosecutions against 20 people between 2013 and 2019, seven of whom were convicted at trial, two pleaded guilty and 11 were acquitted.
He had also been facing criminal charges in the US but these were dismissed after two other men involved in a similar case had their convictions reversed in 2022.
This breaking news story is being updated and more details will be published shortly.
Please refresh the page for the latest version.
You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.
