UK Supreme Court quashes Tom Hayes' LIBOR-rigging conviction

SFO will not seek retrial

Sorin Dojan
clock • 2 min read

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...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Industry

IW 30: Meet the asset management gamechangers of the next 30 years

IW 30: Meet the asset management gamechangers of the next 30 years

Fifteen industry talents

Maria Nicholls
clock 10 July 2025 • 16 min read
Door's Shilpan Patel: Culture takes centre stage

Door's Shilpan Patel: Culture takes centre stage

Fund selectors increasingly aware of poor culture

Shilpan Patel
clock 27 June 2025 • 3 min read
Artemis' Gent on how active houses can succeed in an evolving marketplace and strategies for growth

Artemis' Gent on how active houses can succeed in an evolving marketplace and strategies for growth

Time of rapid evolution for the wealth and intermediary sector

Katrina Lloyd
clock 26 June 2025 • 7 min read
Trustpilot