The UK’s supreme court has overturned the decade-old conviction of Tom Hayes, the first banker jailed over the Libor interest rate-rigging scandal in 2015. The decision, made on Wednesday, means that Hayes was denied a fair trial due to inaccurate and unfair instructions from his judge.
A panel of five justices, led by Lord Reed, found that while there was “ample evidence” against Hayes, he was not given proper directions by the jury. The court stated that the convictions are therefore unsafe and cannot stand.
Hayes had been accused of being a ringleader in a vast conspiracy to fix Libor between 2006 and 2010. He maintained his innocence during his original trial and claimed he was taking part in an “industry-wide” practice, accusing regulators of making him a scapegoat.
The decision marks a blow for the Serious Fraud Office, which brought the original charges. It has stated that it will not seek a retrial.
Hayes had been on probation after serving five and a half years of an 11-year term in prison. He expressed relief and gratitude to the justices who heard his appeal, as well as those who supported him throughout his ordeal.
The court’s decision also quashed the conviction of former Barclays trader Carlo Palombo, who was sentenced to four years in prison for rigging Euribor – the euro version of Libor.
Source: https://www.theguardian.com/business/2025/jul/23/city-trader-tom-hayes-conviction-for-libor-rigging-is-overturned