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UK Supreme Court quashes conviction of Tom Hayes in landmark Libor case

Former trader Tom Hayes (R) and his wife Sarah arrive at Southwark Crown Court on August 3, 2015 in London, England. Mr Hayes, a former UBS and Citigroup trader, has pleaded not guilty to eight counts of conspiracy to defraud. He is accused of manipulating the rates at which banks lend to each other.
Tom Hayes (R) and his former wife Sarah in 2015. He spent five and a half years in jail. “It destroyed my family,” he said, adding that it also led to the end of his marriage. Photo: Peter Macdiarmid/Getty Images

Jean Hurley

3 min read
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The case highlights regulatory scrutiny of trader communications and individual accountability.

In a monumental decision delivered on Wednesday, the UK Supreme Court has quashed the conviction of former derivatives trader Tom Hayes, who was the first individual to be found guilty and jailed for manipulating the London Interbank Offered Rate (Libor). The ruling, which also saw the conviction of former Barclays

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