Supreme Court Reviews Rates Trials

This is a City news story, published by BBC, that relates primarily to Tom Hayes news.

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former Barclays trader Carlo Palombo

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former Deutsche Bank traders

BBC

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Business

Business & Economics

Rate 'rigging' traders say they were scapegoated - now the Supreme Court will decide

Summary

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82% Informative

Court poised to rule on cases of two former City traders jailed for rigging interest rates.

Tom Hayes , a former trader at UBS , became first banker to be jailed for "rigging" interest rates in August 2015 .

He was accused of being a "ringmaster" of an international fraud conspiracy and sentenced to 14 years in jail.

Former Barclays trader Carlo Palombo is now awaiting a crucial Supreme Court judgement.

If it does so it could lead to the overturning of all remaining convictions in nine criminal trials.

SFO accused Palombo of being a "crook" and a "cheat" who had "left his moral compass at home". The traders protested that any potential gains to their bonuses were far too little to motivate a criminal conspiracy.

But the SFO said interest rate "manipulation" amounted to evidence of an international conspiracy to defraud.

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semi-formal

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English

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