Summary
Two former bankers, Tom Hayes and Carlo Palombo, had their convictions for manipulating interest rates overturned by the UK's Supreme Court. The court found their trials were unfair, and their convictions were ruled "unsafe." After serving jail time, both may seek compensation for the time they spent imprisoned.
Key Facts
- Tom Hayes and Carlo Palombo were once convicted for manipulating the interest rates used by banks.
- These interest rates affected the borrowing costs for things like mortgages and other loans.
- Hayes was sentenced to 14 years initially but served half of an 11-year sentence; Palombo was jailed for four years.
- They argued that trying to influence interest rates was common practice at the banks they worked for.
- Their convictions were overturned after the Supreme Court found their trials were not fair.
- Other similar cases in the U.S. were also dismissed as not crimes.
- The Serious Fraud Office decided not to retry their case.
- Hayes may seek compensation for money taken during his legal battle.
