The UK Supreme Court has overturned the conviction of former trader Tom Hayes for rigging the Libor interest rate, a decade after he became the first person jailed in the scandal. The court also quashed the conviction of Carlo Palombo, a former Barclays banker convicted for manipulating Euribor.
In a ruling on Wednesday, a panel of five justices led by Lord Reed found that the judge in Hayes's original trial had given 'inaccurate and unfair' instructions to the jury, depriving him of a fair trial. The court stopped short of exonerating Hayes, noting there was 'ample evidence' that could have led to a conviction if the jury had been properly directed.
Hayes, 45, expressed gratitude to the justices and his legal team, calling the day 'surreal'. He said he would discuss with his lawyers whether to seek compensation. The Serious Fraud Office, which brought the original charges, said it would not seek a retrial.
The ruling follows a three-day hearing in March and may lead to other convictions being quashed. Hayes was released from prison in January 2021 after serving half of an 11-year sentence. The Libor scandal led to nearly $10bn in fines for banks and brokerages.
