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19 September 2025 / David Stern , James Fletcher
Issue: 8131 / Categories: Features , Criminal , Fraud
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Righting the Libor injustice

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,

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NEWS
The Solicitors Regulation Authority (SRA) has warned solicitors and law firms that using artificial intelligence does not alter their professional obligations, amid concerns over inaccurate legal material and client confidentiality
From forgotten interest claims to case-management appeals, a string of procedural developments offers useful—and occasionally cautionary—lessons for practitioners

Jonathan Fisher KC highlights that it now accounts for around 40% of criminal offences, with roughly 70% involving technology, and argues that the UK cannot simply prosecute its way out of the problem. Detection, investigation and prosecution all require improvement, while different fraud types demand tailored responses.

How forcefully can a litigant criticise a public authority before robust advocacy crosses the line into unreasonable conduct? 
Can a meticulously maintained spreadsheet turn a couple’s informal financial arrangements into legally enforceable obligations? 
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