After a ten-year battle, the convictions of two former City traders who were at the heart of one of the worst financial crisis scandals have been overturned. After being found guilty of manipulating interest rates for bank-to-bank loans, Tom Hayes and Carlo Palombo were sentenced to imprisonment.
In the US and the UK, they were among 19 City traders found guilty of manipulating the so-called Libor and Euribor interest rates, which determine borrowing costs for various loans, including mortgages and auto loans. In the wake of Wednesday’s decision, Mr. Hayes claimed that being cleared seemed “surreal” and that the conviction had “destroyed” his family.
The traders, who have claimed for ten years that they were the victims of several injustices, have been vindicated by the Supreme Court’s ruling. They contended that they were unfairly charged for engaging in typical business operations to allay public ire at the banks over the financial crisis.
Following a ten-year fight to clear their reputations, the Supreme Court declared that Mr. Hayes and Mr. Palombo’s criminal prosecutions were unjust and reversed their convictions. After his “cruel and pernicious” punishment, Mr. Hayes said the verdict had been “a long time coming” in an interview outside the court. He was incarcerated for five and a half years.
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