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19 September 2025
Issue: 8131 / Categories: Legal News , Criminal , Fraud
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NLJ this week: Righting Libor wrongs

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In July, the Supreme Court quashed the convictions of Tom Hayes and Carlo Palombo, ruling that trial judges had wrongly directed juries to treat profit-motivated Libor submissions as inherently dishonest. In this week’s NLJ, David Stern and James Fletcher of 5 St Andrew’s Hill reflect on the decision

The Serious Fraud Office (SFO) was criticised for its vague case and flawed expert evidence, while the Court of Appeal’s ‘cheapest rate theory’ was dismissed as a ‘blind alley’.

Stern and Fletcher, defence counsel in related trials, argue that the convictions were scapegoating tactics post-financial crisis, with no actual victims presented. They call for a public inquiry into broader justice failings and warn against proposals to remove jury trials in complex fraud cases.

The judgment is hailed as a vital reaffirmation of the jury’s role and a cautionary tale about conflating law with fact-finding.

Issue: 8131 / Categories: Legal News , Criminal , Fraud
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MOVERS & SHAKERS

Walkers—Muriel Marseille

Walkers—Muriel Marseille

Ashurst's Chief Risk Officer joins Walkers

Excello Law—John Osborne

Excello Law—John Osborne

Northern family lawyer John Osborne joins Excello

mfg Solicitors—Rebecca Rogers, Kennedy Langley & Victoria Griffiths

mfg Solicitors—Rebecca Rogers, Kennedy Langley & Victoria Griffiths

Trio of promotions announced at Kidderminster law firm mfg Solicitors

NEWS
A sole director can conspire with their own company for the purposes of the tort of unlawful means conspiracy, the High Court has ruled in a judgment with potentially wide implications for business disputes
The Court of Appeal has reinforced that domicile depends on intention rather than residence alone, in a significant post-Brexit ruling on cross-border financial remedy claims
The Chancery Division's long history comes to an end this autumn as it is reborn as the Business and Property Division, prompting questions over whether the shake-up is really necessary
The Financial Conduct Authority (FCA) continues to show that failing to disclose regulatory issues can attract harsher consequences than the original misconduct itself
Rejecting a generous settlement can prove an expensive mistake, as two recent high-profile cases demonstrate
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