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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff Banking correspondent

City trader Tom Hayes’s conviction for Libor rigging is overturned

Tom Hayes Carlo Palombo United Kingdom
Two men stand smiling, their left fists raised in the air
Tom Hayes (right) and Carlo Palombo outside the supreme court in central London after their convictions were quashed. Photograph: Jordan Pettitt/PA

Tom Hayes, the first banker jailed over the Libor interest rate-rigging scandal in 2015, has cleared his name after the UK’s supreme court overturned a decade-old conviction against the former UBS and Citigroup trader.

A panel of five justices, led by Lord Reed, concluded on Wednesday that the judge in Hayes’s original hearing 10 years ago had given “inaccurate and unfair” instructions to the jury that found him guilty on several charges of conspiracy to defraud. This meant the former banker was ultimately “deprived” of a fair trial.

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