Appeal: Former Citigroup and UBS trader Tom Hayes jailed for manipulating Libor benchmark rate
Lawyers for convicted fare rigger Tom Hayes will today take the next step in the fight to clear his name by formally asking for his case to go to Britain’s highest court.
The former Citigroup and UBS trader was jailed in 2015 for manipulating the Libor benchmark interest rate and served five and a half years behind bars.
Last month, Court of Appeal judges rejected his attempt to clear his name and he has until today to formally request that the case be heard by the Supreme Court.
The case centers on the London Interbank Interest Rate (Libor), which was once used to price trillions of dollars worth of financial transactions globally, and was calculated using traders’ submissions on the rate at which that banks would lend to each other.
Hayes, 44, was accused of dishonestly conspiring with others to manipulate the rate to benefit his bank’s trading position. He claims he was made a scapegoat for the financial crisis.
He and fellow trader Carlo Palombo – who had also been jailed for rate rigging in a separate case – saw their appeals against conviction rejected last month.
