September 4, 2025
Hayes, R. & Palombo, R. [2025] UKSC 29 (23 July 2025)
Tom Hayes and Carlo Palombo were convicted of conspiracy to defraud for attempting to manipulate LIBOR and EURIBOR benchmark interest rates to benefit their derivatives trading. The Supreme Court allowed their appeals, finding that trial judges wrongly directed juries that taking account of trading advantage necessarily meant submissions were not genuine opinions as a matter of law, when this was a factual question for the jury. Facts Tom Hayes, a derivatives trader at UBS and Citigroup in Tokyo, and Carlo Palombo, a derivatives trader at Barclays in London, were convicted of conspiracy to defraud in relation to attempts to influence
