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Euronews
Euronews
Doloresz Katanich

Cleared of all charges: Ex-star trader Tom Hayes' rate-rigging convictions quashed

Tom Hayes Carlo Palombo the UK Supreme Court United Kingdom

Former trader for UBS and Citigroup Tom Hayes and ex-Barclays trader Carlo Palombo were both jailed in 2015 and 2019, respectively, for manipulating benchmark interest rates that underpinned $350 trillion (€298.5tr) of loans and securities at the time. They were among a group of traders prosecuted at the time for rigging interest rates.

Ten years after Mr Hayes went to jail, the UK Supreme Court (UKSC) cleared both of their names by ruling that they had unfair trials and overturned their convictions.

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