City traders have rate-rigging convictions quashed
Summary
Two former traders, Tom Hayes and Carlo Palombo, had their convictions overturned in the UK for manipulating interest rates known as Libor and Euribor. These rates influence the cost of loans like mortgages.Key Facts
- Tom Hayes and Carlo Palombo were former traders involved in a major financial scandal.
- They were originally convicted for altering interest rates used between banks, called Libor and Euribor.
- These rates help determine the interest on various loans including mortgages.
- In the US, these traders' convictions were already overturned.
- Their UK convictions were recently quashed by the UK Supreme Court.
- The original scandal involved 19 traders in both the US and UK.
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