Tom Hayes appears before Supreme Court in bid to overturn LIBOR conviction

The case of our client Tom Hayes, the first person to be convicted over LIBOR manipulation, has reached the UK’s highest court.

Supreme Court justices will consider whether Tom’s conviction is unsafe and should be overturned at a three-day hearing this week.

His case is being heard alongside that of Carlo Palombo, who was convicted of EURIBOR manipulation.

The Court of Appeal dismissed their cases in April 2024, but certified a point of law of general public importance – namely, whether a LIBOR or EURIBOR submission is automatically dishonest if it is influenced by a trading advantage.

The judges will also consider if a LIBOR or EURIBOR submission must be of the single cheapest rate at which the panel or prime bank could borrow at the time of the submissions, or whether it can be a rate selected from within a range of potential borrowing rates.

Tom is represented by Adrian Darbishire KC and Tom Doble, instructed by Karen Todner, of Karen Todner Limited.

Carlo is represented by Tim Owen KC, Jonathan Crow CVO KC, Katherine Hardcastle, Tim James-Matthews and Elizabeth Walsh instructed by Ben Rose, Tom Bushnell and Nisha Patel at Hickman & Rose.