Summary
The convictions of two former traders, Tom Hayes and Carlo Palombo, for manipulating interest rates known as Libor, have been overturned after a long legal struggle. This decision may lead to compensation claims and possibly pave the way for other traders to appeal their convictions related to the same scandal.
Key Facts
- Tom Hayes and Carlo Palombo had their convictions overturned for manipulating Libor interest rates.
- Libor is a benchmark rate used for loans between banks.
- In the UK, overturned convictions could lead to compensation, but it's not automatic.
- Compensation depends on proving the conviction was "unsafe" and innocence beyond a reasonable doubt.
- Other traders convicted of similar charges are expected to appeal.
- Some senior politicians are calling for a public inquiry into the case.
- A US court previously dismissed similar charges against other traders, leading to settlements.
- Questions arise about how certain banks investigated themselves for these allegations.
