Tom Hayes: Vindicated from Libor Scandal Conviction

Tom Hayes, originally convicted in 2015 for rigging interest rates, had his conviction overturned by the UK Supreme Court. The court cited jury misdirection during his trial as the reason. Hayes' case set a precedent following a related U.S. court decision that reversed similar convictions.

In a significant legal reversal, Tom Hayes, the first trader convicted for manipulating interest rates, has seen his conviction overturned by the UK Supreme Court. The decision marks the end of a prolonged battle for Hayes, who originally faced years behind bars for his role in the global Libor scandal.

The Supreme Court's ruling pointed to substantial jury misdirection during his initial trial. Despite evidence supporting the charge, the court found that Hayes was not allowed to present his defense adequately, leading to an unfair trial.

This pivotal judgment follows a landmark U.S. court decision that overturned similar convictions and also quashed the conviction of former Barclays trader Carlo Palombo. The UK Serious Fraud Office has decided against seeking a retrial in public interest.

(With inputs from agencies.)