header-logo header-logo

Fraud trials: Floodgates opened?

238287
Could the Hayes & Palombo case have unintended consequences for juries in complex fraud cases, asks Maia Cohen-Lask
  • In the final chapter of the Libor-Euribor saga, the Supreme Court focused on the ‘essential error’ of juries being given judicial directions as to how particular definitions should be interpreted.

The Supreme Court judgment in the case of Tom Hayes and Carlo Palombo, R v Hayes; R v Palombo [2025] UKSC 29, represented the final, extraordinary chapter in the Libor-Euribor saga. In overturning their convictions—and opening the door for many similar convictions to be overturned—the Supreme Court focused on the ‘essential error’ (para [9]) of juries being given judicial directions as to how particular definitions should be interpreted. The judgment concluded that the relevant interpretations of Libor and Euribor should properly have been treated as matters of fact, and therefore left to the jury’s consideration.

This robust statement by the Supreme Court has been welcomed by the legal community as an important reminder of the separate provinces of judges and juries.

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Browne Jacobson—Matthew Kemp

Browne Jacobson—Matthew Kemp

Firm grows real estate team with tenth partner hire this financial year

Hogan Lovells—Lisa Quelch

Hogan Lovells—Lisa Quelch

Partner hire strengthens global infrastructure and energy financing practice

Sherrards—Jan Kunstyr

Sherrards—Jan Kunstyr

Legal director bolsters international expertise in dispute resolution team

NEWS
Can a chief constable be held responsible for disobedient officers? Writing in NLJ this week, Neil Parpworth, professor of public law at De Montfort University, examines a Court of Appeal ruling that answers firmly: yes
Neurotechnology is poised to transform contract law—and unsettle it. Writing in NLJ this week, Harry Lambert, barrister at Outer Temple Chambers and founder of the Centre for Neurotechnology & Law, and Dr Michelle Sharpe, barrister at the Victorian Bar, explore how brain–computer interfaces could both prove and undermine consent
Comparators remain the fault line of discrimination law. In this week's NLJ, Anjali Malik, partner at Bellevue Law, and Mukhtiar Singh, barrister at Doughty Street Chambers, review a bumper year of appellate guidance clarifying how tribunals should approach ‘actual’ and ‘evidential’ comparators. A new six-stage framework stresses a simple starting point: identify the treatment first
In cross-border divorces, domicile can decide everything. In NLJ this week, Jennifer Headon, legal director and head of international family, Isobel Inkley, solicitor, and Fiona Collins, trainee solicitor, all at Birketts LLP, unpack a Court of Appeal ruling that re-centres nuance in jurisdiction disputes. The court held that once a domicile of choice is established, the burden lies on the party asserting its loss
Early determination is no longer a novelty in arbitration. In NLJ this week, Gustavo Moser, arbitration specialist lawyer at Lexis+, charts the global embrace of summary disposal powers, now embedded in the Arbitration Act 1996 and mirrored worldwide. Tribunals may swiftly dismiss claims with ‘no real prospect of succeeding’, but only if fairness is preserved
back-to-top-scroll