Supreme Court quashes traders’ convictions

The Supreme Court has quashed the convictions of two traders jailed for manipulating the Libor and Euribor interest rates.

Former Citigroup and UBS trader Tom Hayes was jailed for 11 years in 2015. Carlo Palombo, who worked for Barclays, was jailed for four years in 2019.

The court ruled that errors in directions given to the jury made their convictions unsafe.

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