Thu, 24 Jul 2025

Thu, 24 Jul 2025 What next after City rate-rigging convictions quashed?

The ruling raises questions about compensation and a possible inquiry.

* Tom Hayes and Carlo Palombo's convictions quashed after decade-long legal battle over Libor rate-rigging
* UK defendants who have had their convictions overturned due to miscarriage of justice may be eligible for compensation, but it is not automatic
* Compensation eligibility determined by whether overturned conviction was deemed "unsafe" and new or newly discovered fact proves innocence beyond reasonable doubt
* Hayes says he won't get compensation from British government, but others may apply after US court threw out convictions in 2016
* Seven other traders sentenced to jail for rigging interest rates expected to appeal, including three former Barclays traders who were convicted in 2016
* Supreme Court ruling likely to make it a straightforward process for these traders to refer their cases back to the Court of Appeal
* Hayes and Palombo want a public inquiry into how they were treated and how Libor manipulation occurred, and senior politicians agree that there should be an investigation.
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