The Court of Appeal has dismissed the appeals of two traders who were sent to prison for “rigging” interest rate benchmarks.
The court had been considering the safety of the convictions of Tom Hayes and Carlo Palombo after a referral by the Criminal Cases Review Commission.
Handing down his judgment, Lord Justice Bean said there was no reason to depart from the decisions of previous English courts and that an apparently contradictory ruling in the United States was not relevant to English law.
Lord Justice Bean, who presided over the case alongside Lord Justice Popplewell and Mr Justice Bryan, said Hayes “knew what he was doing” when he manipulated Libor.
Hayes, who worked for UBS and later for Citibank, was convicted in 2015 of conspiracy
