Archive · 24 Jul 2025
Tom Hayes Libor Conviction Overturned; Others at Risk
Imagine a group of bankers who were setting the price of loans and other financial products.
They were caught cheating by making the prices seem higher or lower than they should have been to make money for themselves.
A famous trader named Tom Hayes was found guilty of this, but now the UK's highest court said the trial was unfair, and his conviction was overturned.
This could mean that others found guilty might also have their convictions overturned, which is a big problem for the investigators who brought the cases forward.
Tom Hayes's conviction for Libor manipulation was overturned by the UK Supreme Court.
The ruling has implications for other convictions related to the Libor scandal.
Regulators had previously collected almost $10 billion in global fines from various banks and brokerages.
Hayes was found guilty in 2015 of rigging the interest rate.
The case involved the manipulation of rates tied to trillions of dollars in loans and securities.
- Who
- Tom Hayes, a former UBS trader, and the Serious Fraud Office (SFO).
- What
- The UK Supreme Court overturned the conviction of Tom Hayes for manipulating the Libor interest rate.
- When
- The conviction was overturned recently, following his initial conviction in 2015.
- Where
- United Kingdom.
- Why
- The court ruled the original trial judge misdirected the jury.
SFO's Stance
Hayes's Stance
Fairness of Convictions
SFO's Stance
The SFO maintains convictions were secured fairly.
Hayes's Stance
Hayes argues that many convictions including his own, should be re-evaluated.
- Key Figure
- Tom Hayes
- Original Conviction
- 2015
- Court Decision
- UK Supreme Court overturned conviction
- Involved Banks
- UBS Group AG, Barclays Plc
- Total Fines
- Almost $10 Billion
- Charges
- Rigging benchmark interest rates