Overview

• A five-judge panel unanimously overturned the 2015 and 2019 convictions of Tom Hayes and Carlo Palombo for manipulating Libor and Euribor, ruling that flawed instructions made their trials unfair.
• Justices determined errors in directing juries about whether commercial interests could influence rate submissions undermined the safety of both verdicts.
• The Serious Fraud Office confirmed it will not seek retrials for Hayes and Palombo following the Supreme Court ruling.
• Hayes spent five and a half years in prison after his Libor conviction and Palombo served four years on Euribor charges before their appeals reached the Supreme Court.
• Legal experts warn the judgment could prompt reviews of up to nine other rate-rigging convictions secured by the SFO in post-2008 prosecutions.