Fighting for justice: Tom Hayes
The creators of a key benchmark interest rate have criticized the courts after a failed appeal by rate-rigging convict Tom Hayes.
The Euribor steering committee accused judges of repeatedly ignoring the “meaning and intent” of the rules they drafted.
He accused them of a “deep misunderstanding” of their rate, which tracks what European banks pay to borrow money from each other.
The intervention comes as Hayes continues to fight for justice after being convicted in 2015 of manipulating the London-based equivalent, Libor.
Last month, the Court of Appeal upheld the conviction of Hayes and fellow trader Carlo Palombo.
Hayes was sentenced to 14 years in prison, reduced to 11 on appeal, and served half of his sentence.
But the founders of Euribor have argued that some of the arguments put forward about the benchmark code by Court of Appeal judges in the case were “wrong and incorrect”.