City trader Tom Hayes’s conviction for Libor rigging is overturned

Supreme court also quashes conviction of banker Carlo Palombo over incorrect directions given to juryBusiness live – latest updatesTom Hayes, the first banker jailed over the Libor interest rate-rigging scandal in 2015, has cleared his name after the UK’s supreme court overturned a decade-old conviction against the former UBS and Citigroup trader.A panel of five justices, led by Lord Reed, concluded on Wednesday that the judge in Hayes’s original hearing 10 years ago had given “inaccurate and unfair” instructions to the jury that found him guilty on several charges of conspiracy to defraud. This meant the former banker was ultimately “deprived” of a fair trial. Continue reading...

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