Conviction of Libor scandal dealer Tom Hayes ‘terribly unfair’
Review: Tom Hayes was convicted in 2015 for rigging the London Interbank Offered Rate
The conviction of Tom Hayes, the primary dealer jailed for fixing the Libor price, was ‘extraordinarily unfair’ and needs to be overturned, the Court of Appeal has heard.
Hayes, a former Citigroup and UBS dealer, was convicted in 2015 for rigging the London Interbank Offered Rate (Libor) that tracks what banks pay to borrow money from one another.
He was amongst 38 merchants prosecuted for manipulating the Libor and Euribor benchmarks.
His attraction is being heard alongside ex-Barclays dealer Carlo Palombo, who was sentenced to 4 years for manipulating Euribor.
Hayes served half his 11-year sentence and final yr received a assessment.
His lawyer Adrian Darbishire KC argued the conviction was ‘unsafe’, and instructions to the jury about Libor have been ‘not only wrong in law’ however ‘extraordinarily unfair’.
The Libor scandal led to banks paying huge fines. Traders like Hayes argue they have been scapegoated.
