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City traders’ exoneration in Libor case proves the importance of jury trials

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Financial market trader Tom Hayes, who was jailed alongside Carlo Palombo over interest rate benchmark manipulation, outside the Royal Courts Of Justice ahead of a Court of Appeal ruling over whether their convictions should be overturned. (Jordan Pettitt/PA Wire)

The Supreme Court has today ruled that juries were misdirected in the original trials of Tom Hayes and Carlo Palombo for Libor fraud, affirming an important principle of criminal justice, says Ellen Gallagher

The Supreme Court today overturned the convictions of Tom Hayes and Carlo Palombo, convicted and imprisoned in 2015 and 2019 respectively for a total of 15 years for conspiracy to defraud in connection with Libor/Euribor benchmark manipulation.

This is the culmination of almost ten years of appeals by several of the nine individuals convicted of Libor manipulation in the UK.

A key ground........

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