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The UK's Supreme Court is reviewing the conviction of former UBS and Citigroup trader Tom Hayes for rigging a key interest rate, with arguments presented that the trial judge inadequately directed the jury during the summation. This three-day hearing aims to assess the fairness of Hayes' 2015 conviction and subsequent imprisonment.
Tom Hayes, the former UBS trader at the center of the Libor rigging scandal, is appealing to the UK’s Supreme Court to overturn his conviction, arguing that banks should be allowed to consider their trading advantages in rate submissions. His case could impact other convictions and challenge the Serious Fraud Office's prosecutorial strategies. Hayes, sentenced to 11 years in 2015, has maintained his innocence since his release in 2021.
Tom Hayes, the former UBS trader at the center of the Libor rigging scandal, is appealing to the UK Supreme Court to overturn his 2015 conviction. His legal team argues that it was permissible for banks to consider their trading advantages when submitting Libor rates, claiming that the jury was misled about this aspect. A ruling in Hayes' favor could challenge multiple convictions related to rate manipulation and raise questions about the Serious Fraud Office's prosecutorial strategies.
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supreme court hears appeal on tom hayes unsafe conviction for interest rate rigging
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ex-ubs trader seeks to overturn libor rigging conviction in supreme court
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09:36 25.03.2025
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