US EditionTraders Jailed for Interest Rate Rigging Have Convictions Overturned
UNITED KINGDOM, JUL 23 – The Supreme Court ruled that jury misdirection made the convictions unsafe, overturning cases that involved manipulation of benchmark rates underpinning $400 trillion in contracts.
- The UK Supreme Court has unanimously overturned the convictions of Tom Hayes and Carlo Palombo, previously found guilty of manipulating Libor and Euribor rates, ruling that the original trials were unfair due to improper instructions given to the juries.
- The legal saga began after the 2008 economic crisis led to investigations by the Serious Fraud Office starting in 2012, with Hayes first prosecuted and both men convicted in 2015 and 2019 respectively.
- The Supreme Court found the trial judges had misdirected juries by incorrectly instructing that choosing a rate for commercial advantage was dishonest, thus depriving defendants of a fair trial.
- Lord Leggatt stated the misdirection “undermined the fairness of the trial” and that Hayes was deprived of a proper opportunity to defend himself, making the convictions unsafe and unable to stand.
- Following the ruling, the Serious Fraud Office announced it would not seek retrials, and this judgment may prompt reviews of convictions in nine other related criminal trials.
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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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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 Sources51
Leaning Left11Leaning Right5Center9Last UpdatedBias Distribution44% Left
Bias Distribution
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44% Left
L 44%
C 36%
R 20%
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