UK Court Upholds Convictions in LIBOR Scandal

Former traders Tom Hayes and Carlo Palombo lose their appeal bids, with Hayes planning to take his case to the Supreme Court.

Tom Hayes and Carlo Palombo, former financial traders, lost their appeal bids against convictions for manipulating the London Inter-Bank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (Euribor), respectively.
Hayes, described as the ringleader in the LIBOR scandal, served half of his 11-year sentence before his 2021 release, while Palombo was jailed for four years in 2019.
The Court of Appeal in London upheld the convictions, stating the arguments presented did not cast doubt on the correctness of the English decisions regarding the construction of LIBOR and Euribor as a matter of English law.
Hayes plans to make a bid to take his case to the Supreme Court, citing inconsistencies with laws in France, Germany, and the U.S., and maintaining his innocence.
The LIBOR scandal, which emerged in 2012, led to billions in fines for financial institutions and the phase-out of LIBOR due to its role in worsening the 2008 financial crisis.