Two former City traders, who were jailed for rigging interest rates, have had their convictions overturned at the Supreme Court.
Former Citigroup and UBS trader Tom Hayes was found guilty of multiple counts of fraud for manipulating the London Inter-Bank Offered Rate (Libor) between 2006 and 2010.
Mr Hayes, was accused of being the mastermind behind the global Libor rate rigging scandal. He was the first person to face a jury trial for fixing the rate.
Carlo Palombo, the ex-vice president of euro rates at Barclays bank, was found guilty of conspiring with others to submit false or misleading Euro Interbank Offered Rate (Euribor) submissions between 2005 and 2009.
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