Tom Hayes Wins Supreme Court Appeal in Landmark Libor Case

Tom Hayes, the first trader globally jailed for interest rate manipulation, has gained permission to appeal at the British Supreme Court. Convicted in 2015 for Libor rigging, Hayes' appeal, along with former Barclays trader Carlo Palombo, follows a landmark U.S. court decision. Both are hopeful for justice.

Tom Hayes, the first trader jailed worldwide for interest rate rigging, has been granted permission to appeal his conviction at Britain's Supreme Court, according to his lawyers on Thursday.

Hayes, a former star at Citigroup and UBS, was convicted in 2015 for conspiracy to defraud by manipulating Libor, a benchmark rate previously used to price trillions in financial products. Earlier this year, Hayes, alongside Carlo Palombo, a former Barclays trader convicted in 2019 of distorting Libor's euro counterpart, Euribor, sought to overturn their convictions.

Their appeals were prompted by a 2022 landmark U.S. court decision that overturned convictions of two former Deutsche Bank traders for Libor rigging. Despite their initial appeals being dismissed in March, Hayes and Palombo's cases have now been granted a hearing at the Supreme Court. Hayes expressed his elation, stating the need for the UK legal system to align with global standards. Palombo voiced relief, hoping for rectification of what they perceive as legal injustices.

(With inputs from agencies.)