US Edition
Traders Jailed for Interest Rate Rigging Have Convictions Overturned
GREATER LONDON, ENGLAND, JUL 23 – Two former traders jailed for manipulating Libor and Euribor benchmarks challenge convictions amid claims of jury misdirection and legal confusion, with appeals opposed by the Serious Fraud Office.
- Britain's Supreme Court has overturned the 2015 convictions related to the manipulation of Libor and Euribor rates involving Tom Hayes and Carlo Palombo.
- The convictions were quashed because the trial judge gave the jury incorrect legal directions that undermined the fairness of the trials.
- Tom Hayes, previously a trader at Citigroup and UBS, was sentenced to 14 years in prison, later reduced to 11, while Carlo Palombo, a former Barclays trader involved in manipulating Euribor rates, received a four-year jail term.
- Lord Leggatt stated that Hayes was deprived of a fair trial due to legally inaccurate jury instructions, and the Serious Fraud Office said it would not seek a retrial.
- This ruling concludes a long legal saga from the 2008 financial crisis and may prompt reviews of other SFO convictions secured during the Libor investigation.
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Rate-rigging convictions quashed after City traders' 10-year fight with Supreme Court
Two traders jailed for rigging benchmark interest rates have had their convictions quashed by the Supreme Court.The Supreme Court ruled unanimously to overturn the cases against Tom Hayes, aged 45, and Carlo Palombo, aged 46.Tom Hayes was handed a 14-year jail sentence, cut to 11 years on appeal in 2015, marking one of the toughest sentences to be imposed for white-collar crime in British history.Hayes was found guilty on eight charges of conspi…
·London, United Kingdom
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PBS NewsHour
PBS NewsHourUK Supreme Court quashes convictions of 2 bank traders after deciding their trials were unfair
Britain’s Supreme Court has quashed the convictions of two financial market traders accused of manipulating benchmark interest rates in one of the biggest scandals to come out of the global financial crisis in 2008.
·United States
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Total News Sources45
Leaning Left10Leaning Right5Center9Last UpdatedBias Distribution42% Left
Bias Distribution
- 42% of the sources lean Left
42% Left
L 42%
C 38%
R 21%
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