Ex-trader Tom Hayes wins UK court appeal to overturn rate-rigging conviction
LONDON : Tom Hayes, the first trader ever jailed for interest rate rigging, had his conviction overturned by Britain's top court today after a years-long fight to clear his name.
The UK Supreme Court unanimously allowed Hayes' appeal, overturning his 2015 conviction of eight counts of conspiracy to defraud by manipulating Libor, a now-defunct benchmark interest rate.
Hayes had initially received a 14-year prison sentence, later reduced to 11 years on appeal. He served five and a half years before being released on licence in 2021.
A former star Citigroup and UBS trader, Hayes became the face of the global Libor scandal and challenged his conviction during three days of hearings at the UK Supreme Court along with Carlo Palombo, 46, a former Barclays trader who was found guilty in 2019 of skewing Libor's euro equivalent, Euribor.
The court also quashed Palombo's conviction. He was given a four-year sentence in 2019.
Hayes and Palombo had argued that their convictions depended on a definition of Libor and Euribor which assumes there is an absolute legal bar on a bank's commercial interests being taken into account when setting rates.
The Libor rate, phased out in 2023, was designed to reflect banks' short-term funding costs and based on daily estimates from a group of banks as to how much they would expect to pay to borrow funds from each other for a range of currencies and periods.
Hayes' challenge at the Supreme Court followed a landmark US court decision in 2022 which overturned the Libor rigging convictions of two former Deutsche Bank traders.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
17 hours ago
- Malay Mail
UK bans ninja swords as 1,000 weapons surrendered in knife crime crackdown
LONDON, Aug 1 — At least 1,000 weapons have been surrendered under a British government amnesty launched last month to combat knife crime, the interior ministry announced on Friday, as a new ban on ninja swords came into effect. Overall, knife crime in England and Wales has risen 87 per cent over the past decade, with 54,587 offences recorded last year alone, a 2 per cent rise from 2023 and among the highest rates in Europe. On July 29, 2024, teenager Axel Rudakubana attacked a Taylor Swift-themed children's dance event in the northern English town of Southport, killing three girls and stabbing 10 people in one of Britain's most harrowing knife assaults. Since then, the government has pledged tougher age checks for knife buyers, warned social media firms they could face fines for failing to curb sales and promotion of weapons, and banned zombie-style knives, machetes and ninja swords. Over the month of July this year, the government urged young people to drop off weapons, including bladed ones, at 'amnesty' bins or a mobile van – part of efforts to control knife crime, particularly when it involves youths. The government said at least 1,000 weapons have been handed in. A mobile van will be deployed at the Notting Hill Carnival in London later this month in response to past knife-related violence by a small number of attendees. It is unclear whether the 'amnesty' bins will stay in place once the month-long campaign comes to an end. The interior ministry did not immediately respond to Reuters' request for comment. Charities and experts call the government's efforts a step forward but say they fail to address the root causes. The interior ministry said that knife-related robberies have fallen in seven highest-risk areas, dropping from 14 per cent of all robberies in the seven highest-risk areas in the year ending June 2024 to 6 per cent in the same period to June 2025. The ban on buying and selling ninja swords is part of the government's pledge to introduce Ronan's Law, named in honour of 16-year-old Ronan Kanda, who was fatally stabbed with a ninja sword in 2022. Campaigner Martin Cosser, whose son was killed in a knife attack two years ago, previously told Reuters that the issue was not just about the weapon itself, but about the 'emotional drivers' that lead people to carry knives in the first place.
Free Malaysia Today
19 hours ago
- Free Malaysia Today
West Ham's Paqueta cleared of betting allegations
Lucas Paqueta was cleared of spot-fixing charges by an independent regulatory commission. (EPA Images pic) LONDON : West Ham midfielder Lucas Paqueta has been cleared of spot-fixing charges by an independent regulatory commission, the club announced today. The Brazil international was charged with four alleged breaches of Football Association (FA) rules in relation to matches involving the Premier League side. It was alleged the 27-year-old directly sought to influence games by intentionally seeking to receive a card from the referee for the 'improper purpose of affecting the betting market'. The four charges against Paqueta related to a game against Leicester in November 2022 and matches against Aston Villa, Leeds and Bournemouth in 2023. He was facing the prospect of a lifetime ban if found guilty. The Brazilian denied the charges and the independent regulatory commission found them not proven following a hearing. The FA said two charges against Paqueta, related to a failure to cooperate with its investigation, had been found proven. It said a commission would decide on an appropriate sanction for those proven breaches 'at the earliest opportunity'. The Brazilian, who joined West Ham in 2022, said in a club statement that he had always maintained his 'innocence against these extremely serious accusations'. 'I can't say anything more at this time, but I would like to express how grateful I am to God and how eager I am to return to playing football with a smile on my face,' he said. 'To my wife who never let go of my hand, to West Ham United, to the fans who always cheered me on, and to my family, friends and the legal team who have supported me.' West Ham United vice-chair Karren Brady said: 'We are pleased Lucas has been cleared. He has maintained his innocence from the outset, and as a club we have resolutely stood by him and supported him throughout the process.' Alastair Campbell, a partner at the law firm Level and the head of Paqueta's legal team, said: 'Few cases carry the gravity of this one – professionally, personally and emotionally for our client. 'Lucas has faced down immense pressure with remarkable strength and resilience.' The FA said it was awaiting the written reasons from the independent commission in relation to its decision on the charges, and would not be commenting further until that time. Newcastle midfielder Sandro Tonali was given a suspended two-month ban in May last year over breaches of betting rules. It came as the Italian international was serving a 10-month ban handed down by the Italian authorities for betting offences.
Free Malaysia Today
20 hours ago
- Free Malaysia Today
UK ninja sword ban begins as 1,000 weapons surrendered
Knife crime in England and Wales has risen by 87% over the past decade. (EPA Images pic) LONDON : At least 1,000 weapons have been surrendered under a British government amnesty launched last month to combat knife crime, the interior ministry announced today, as a new ban on ninja swords came into effect. Overall, knife crime in England and Wales has risen 87% over the past decade, with 54,587 offences recorded last year alone, a 2% rise from 2023 and among the highest rates in Europe. On July 29, 2024, teenager Axel Rudakubana attacked a Taylor Swift-themed children's dance event in the northern English town of Southport, killing three girls and stabbing 10 people in one of Britain's most harrowing knife assaults. Since then, the government has pledged tougher age checks for knife buyers, warned social media firms they could face fines for failing to curb sales and promotion of weapons, and banned zombie-style knives, machetes and ninja swords. Over the month of July this year, the government urged young people to drop off weapons, including bladed ones, at 'amnesty' bins or a mobile van – part of efforts to control knife crime, particularly when it involves youths. The government said at least 1,000 weapons have been handed in. A mobile van will be deployed at the Notting Hill Carnival in London later this month in response to past knife-related violence by a small number of attendees. It is unclear whether the 'amnesty' bins will stay in place once the month-long campaign comes to an end. The interior ministry did not immediately respond to Reuters' request for comment. Charities and experts call the government's efforts a step forward but say they fail to address the root causes. The interior ministry said that knife-related robberies have fallen in seven highest-risk areas, dropping from 14% of all robberies in the seven highest-risk areas in the year ending June 2024 to 6% in the same period to June 2025. The ban on buying and selling ninja swords is part of the government's pledge to introduce Ronan's Law, named in honour of 16-year-old Ronan Kanda, who was fatally stabbed with a ninja sword in 2022. Campaigner Martin Cosser, whose son was killed in a knife attack two years ago, previously told Reuters that the issue was not just about the weapon itself, but about the 'emotional drivers' that lead people to carry knives in the first place.
