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UK Supreme Court Overturns Convictions of Five Bankers

1/30/2026

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Summary

Story summary

The UK Supreme Court overturned convictions of five former bankers involved in interest rate rigging.
The Criminal Cases Review Commission referred their cases to the Court of Appeal, citing unsafe convictions like Tom Hayes and Carlo Palombo.
The five bankers were sentenced between 2016 and 2019.
They argued that legal errors undermined their trials.
Hayes is suing UBS for $400 million, saying Libor blame caused nearly $10 billion in fines.

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Story summary

The UK Supreme Court overturned convictions of five former bankers involved in interest rate rigging.
The Criminal Cases Review Commission referred their cases to the Court of Appeal, citing unsafe convictions like Tom Hayes and Carlo Palombo.
The five bankers were sentenced between 2016 and 2019.
They argued that legal errors undermined their trials.
Hayes is suing UBS for $400 million, saying Libor blame caused nearly $10 billion in fines.