Tom Hayes Wins UK Supreme Court Bid to Overturn Decade-Old Libor Conviction

"Tom Hayes, the former star UBS Group AG trader who became the face of the Libor rigging scandal, overturned his criminal conviction at the UK’s top court clearing his name a decade after he was sent to jail.

In a stunning reversal, the UK Supreme Court quashed the convictions of Hayes and ex-Barclays Plc trader Carlo Palombo on Wednesday. The court allowed both appeals, stating that the juries had been misdirected by judges at both criminal trials. Hayes was given an 11 year sentence after appeal for rigging Libor in 2015, while Palombo was jailed for four years in 2019 for manipulating Euribor.

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"The SFO argued that Hayes and Palombo conspired with others to dishonestly manipulate the process to set the interest rates at which banks could borrow money. Hayes engaged in the criminality to enhance his bank’s profits and increase bonus payments for himself, the Serious Fraud Office previously argued.

“The history of the two cases raises concerns about the effectiveness of the criminal appeal system in England and Wales in confronting legal error,” the judges said in their unanimous decision. “In each case there was ample evidence on which a jury, properly directed, could have found the appellant guilty of conspiracy to defraud. But the jury was not properly directed.”

https://www.bloomberg.com/news/articles/2025-07-23/tom-hayes-wins-supreme-court-bid-to-overturn-decade-old-libor-conviction?srnd=homepage-americas