Former UBS and Citi trader Tom Hayes
(Picture: Getty Images)A former City trader jailed for rigging interest rate submissions was today “ecstatic” after a court ruling in the US appeared to bolster his case for “justice.”
A US appeals court last night overturned the conviction of two former Deutsche Bank traders, one from Twickenham, who were prosecuted for rigging interest rates. A three-judge panel in New York ruled that “the government failed to show that any of the trader-influenced submissions were false, fraudulent, or misleading” in the case of Matthew Connolly and Gavin Black, who both worked for the German bank. Connolly told the Standard he was “thankful a court has finally acknowledged the truth of how Libor was built.”
