The UK Supreme Court unanimously allowed Hayes’ appeal, quashing his 2015 conviction on eight counts of conspiracy to defraud by manipulating the now-defunct Libor benchmark.
The court ruled that their convictions relied on a flawed legal interpretation of Libor and Euribor, which incorrectly assumed banks could not consider commercial interests when submitting rate estimates.
Hayes’ victory follows a similar 2022 U.S. ruling that overturned convictions of two former Deutsche Bank traders. - Reuters
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