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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

Freeths—Rachel Crosier

Freeths—Rachel Crosier

Projects and rail practices strengthened by director hire in London

Bird & Bird—Gordon Moir

Bird & Bird—Gordon Moir

London tech and comms team boosted by telecoms and regulatory hires

DWF—Stephen Hickling

DWF—Stephen Hickling

Real estate team in Birmingham welcomes back returning partner

NEWS
The Police and Criminal Evidence Act 1984 transformed criminal justice. Writing in NLJ this week, Ed Cape of UWE and Matthew Hardcastle and Sandra Paul of Kingsley Napley trace its ‘seismic impact’
Operational resilience is no longer optional. Writing in NLJ this week, Emma Radmore and Michael Lewis of Womble Bond Dickinson explain how UK regulators expect firms to identify ‘important business services’ that could cause ‘intolerable levels of harm’ if disrupted
Refusing ADR is risky—but not always fatal. Writing in NLJ this week, Masood Ahmed and Sanjay Dave Singh of the University of Leicester analyse Assensus Ltd v Wirsol Energy Ltd: despite repeated invitations to mediate, the defendant stood firm, made a £100,000 Part 36 offer and was ultimately ‘wholly vindicated’ at trial
Criminal juries may be convicting—or acquitting—on a misunderstanding. Writing in NLJ this week Paul McKeown, Adrian Keane and Sally Stares of The City Law School and LSE report troubling survey findings on the meaning of ‘sure’
The Serious Fraud Office (SFO) has narrowly preserved a key weapon in its anti-corruption arsenal. In this week's NLJ, Jonathan Fisher KC of Red Lion Chambers examines Guralp Systems Ltd v SFO, in which the High Court ruled that a deferred prosecution agreement (DPA) remained in force despite the company’s failure to disgorge £2m by the stated deadline
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