Tom Hayes wins long battle against LIBOR-rigging conviction

The UK Supreme Court has unanimously quashed the benchmark-manipulation convictions of Tom Hayes and Carlo Palombo because instructions to the trial juries meant that their defences could not be considered fairly. A response from the Serious Fraud Office, which prosecuted the cases, stated: "We have considered this judgment and the full circumstances carefully and determined it would not be in the public interest for us to seek a retrial."

Esther Martin (esther.martin@lloydslistintelligence.com), Assistant Editor

The UK Supreme Court has unanimously quashed the benchmark-manipulation convictions of Tom Hayes and Carlo Palombo because instructions to the trial juries meant that their defences could not be considered fairly. A response from the Serious Fraud Office (SFO), which prosecuted the cases, stated: "We have considered this judgment and the full circumstances carefully and determined it would not be in the public interest for us to seek a retrial."