Convicted LIBOR rigger Tom Hayes has US charges thrown out

Served over five years

Charges against Tom Hayes, the convicted LIBOR rigger, have been thrown out by a New York judge, as Hayes’ appeal against his conviction in the UK continues through the legal system.

Hayes, a former UBS and Citigroup trader, was previously convicted of rigging LIBOR, a benchmark used to determine interest rates on mortgages and corporate loans. He was released from low-security prison HMP Ford in January last year, having served around half of an 11-year sentence. However, a US judge has now signed a dismissal motion for Hayes' US indictment, stating that the US government "submits that dismissal with prejudice serves the interests of justice". The judge said that what Hayes and other traders had been accused of did not break any rules or laws. LIBOR worki...