The Supreme Court quashed the convictions of Tom Hayes and Carlo Palombo for benchmark interest rate manipulation. Hayes faced charges for conspiring to defraud regarding Libor between 2006 and 2010, while Palombo conspired over Euribor from 2005 to 2009. Initially convicted, both men appealed to the Supreme Court after their appeals were dismissed in March 2024. The five-justice panel found jury direction errors that rendered their trials unfair, ultimately leading to the conclusion that the convictions were unsafe and could not stand.
The Supreme Court quashed the convictions of former traders Tom Hayes and Carlo Palombo for interest rate benchmark manipulation due to jury direction errors undermining trial fairness.
Tom Hayes was convicted of conspiracy to defraud over Libor manipulation, while Carlo Palombo was guilty of conspiring with others to falsify Euribor submissions, leading to their original sentences.
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