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Review: Tom Hayes was convicted in 2015 of manipulating the London interbank offered rate
The conviction of Tom Hayes, the first trader jailed for Libor fixing, was “extraordinarily unfair” and should be overturned, the Court of Appeal heard.
Hayes, a former Citigroup and UBS trader, was convicted in 2015 of manipulating the London Interbank Offered Rate (Libor), which tracks what banks pay to borrow money from each other.
He was among 38 traders prosecuted for manipulating the Libor and Euribor benchmarks.
His appeal is being heard alongside former Barclays trader Carlo Palombo, who was sentenced to four years for Euribor manipulation.
Hayes served half of his 11-year sentence and won a review last year.
His lawyer, Adrian Darbishire KC, argued that the conviction was “unsafe” and that the instructions given to the jury on Libor were “not only legally flawed” but “extraordinarily unfair”.
The Libor scandal led to banks paying large fines. Traders like Hayes argue they were used as scapegoats.