UK Supreme Court quashes Tom Hayes' LIBOR-rigging conviction

SFO will not seek retrial

The UK Supreme Court has quashed the conviction of Tom Hayes, a former derivatives trader at UBS and Citigroup accused of rigging the LIBOR benchmark rates.

In a judgment  today (23 July), the panel of five judges at the UK's highest court said a lot of evidence was presented during Hayes' trial which could have led the jury to believe that he worked with others to procure false LIBOR rates. Monzo fined £21m by FCA for failings in financial crime controls However, the Supreme Court said the directions given to the jury in relation to the case were "legally inaccurate and unfair", depriving Hayes of the opportunity to defend himself against the allegation of procuring false submissions. As a result, the court said in its final deci...