header-logo header-logo

Righting the Libor injustice

19 September 2025 / David Stern , James Fletcher
Issue: 8131 / Categories: Features , Criminal , Fraud
printer mail-detail
230038
David Stern & James Fletcher on the Supreme Court decision to quash the convictions of former traders
  • The Supreme Court has quashed the convictions of Tom Hayes and Carlo Palombo, ruling that the trial judges had misdirected juries that trading-motivated submissions were not honest or genuine assessments of the Libor and Euribor rates.
  • The court criticised the Serious Fraud Office for the vagueness of its case, and the Court of Appeal for advancing a new basis for setting the rate.
  • Calls for a public inquiry have followed, and the judgment could be seen as a defence of the role of jury trials, particularly in complex fraud matters.

On 23 July 2025, the UK Supreme Court unanimously quashed the convictions of Tom Hayes and Carlo Palombo in R v Hayes; R v Palombo [2025] UKSC 29, ruling that the trial judges had misdirected juries by treating as a matter of law that trading-motivated submissions were automatically not honest or genuine assessments of the Libor and Euribor rates,

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

Slater Heelis—Oliver Banks

Slater Heelis—Oliver Banks

Manchester firm strengthens Court of Protection expertise with partner hire

Talbots Law—Sara Pickerin & Nicholas Playford

Talbots Law—Sara Pickerin & Nicholas Playford

Agricultural law team expands with senior director appointments

Kingsley Napley—Claire Green

Kingsley Napley—Claire Green

Firm announces appointment of chief legal officer

NEWS
NLJ columnist Stephen Gold dives into the quirks of civil practice, from the Court of Appeal’s fierce defence of form N510 to fresh reminders about compliance and interest claims, in this week's Civil Way
Mazur v Charles Russell Speechlys [2025] EWHC 2341 (KB) has restated a fundamental truth, writes John Gould, chair of Russell-Cooke, in this week's NLJ: only authorised persons can conduct litigation. The decision sparked alarm, but Gould stresses it merely confirms the Legal Services Act 2007
The government’s decision to make the Financial Conduct Authority (FCA) the Single Professional Services Supervisor marks a watershed in the UK’s fight against money laundering, says Rebecca Hughes of Corker Binning in this week's NLJ. The FCA will now oversee 60,000 firms across legal and accountancy sectors—a massive expansion of remit that raises questions over resources and readiness 
The High Court's decision in Parfitt v Jones [2025] EWHC 1552 (Ch) provided a striking reminder of the need to instruct the right expert in retrospective capacity assessments, says Ann Stanyer of Wedlake Bell in NLJ this week
Paige Coulter of Quinn Emanuel reports on the UK’s first statutory definition of SLAPPs under the Economic Crime and Corporate Transparency Act 2023in NLJ this week
back-to-top-scroll