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Tom Hayes, the first trader to be jailed for manipulating key interest rates, has been granted permission to appeal against his criminal conviction in the UK’s high court.
The former Citigroup and UBS trader (pictured) was convicted in 2015 of manipulating the Libor rate (the London Interbank Offered Rate), which measures what banks pay to borrow money from each other.
Hayes was released from prison in 2021 after serving half of his 11-year sentence.
Hayes was among 38 traders prosecuted for manipulating Libor and has been fighting the decision ever since.
He will now face a hearing in the UK Supreme Court on a date yet to be determined alongside former Barclays trader Carlo Palombo, who was convicted of manipulating the Euribor, another benchmark.
Hayes was released from prison in 2021 after serving half of his 11-year sentence.
The scandal led to banks paying significant fines for manipulating the benchmark index in their favour.
Traders have argued that they were made into scapegoats to divert public anger from banks.
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