Summary
Two former traders, Tom Hayes and Carlo Palombo, had their convictions for manipulating the Libor interest rates overturned after years of legal battles. This decision might lead other convicted traders to appeal, and there are calls for a public inquiry into the handling of these cases.
Key Facts
- Tom Hayes and Carlo Palombo were originally convicted for manipulating Libor, which is an interest rate used between banks.
- Their convictions have been overturned after a lengthy legal process.
- In the UK, people who have their convictions overturned can potentially get compensation, but it is not guaranteed.
- Seven other traders convicted for similar activities are expected to appeal their cases.
- Mr. Hayes and Mr. Palombo’s successful appeal might make it easier for others to appeal.
- There are calls for a public inquiry into how these cases were managed and investigated.
- Senior politicians have voiced support for investigating if banks’ senior managers ordered the rate manipulation.
- The Serious Fraud Office used evidence from investigations led by the banks themselves.
