Tom Hayes wins appeal to overturn Libor rigging conviction in UK ...Middle East

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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