Supreme Court to Hear Libor Appeal

The UK Supreme Court has granted former bankers Tom Hayes and Carlo Palombo permission to appeal their convictions related to the manipulation of Libor and Euribor rates. Hayes, who was sentenced to 11 years in prison in 2015, is recognized as the first individual globally convicted for interest rate rigging, while Palombo received a four-year sentence in 2019. Both men have been fighting to clear their names after their initial appeals were dismissed by the Court of Appeal in March. Their cases have gained renewed attention following a 2022 U.S. court decision that overturned similar convictions, prompting their recent application to the Supreme Court. Hayes and Palombo's legal representatives expressed optimism about the appeal, with Hayes highlighting the need for the UK legal system to align with global standards. The outcome of this appeal could have significant implications for how financial misconduct is prosecuted in the UK, which is currently unique in treating such actions as criminal offenses.