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© Copyright, Criminal Cases Review Commission 2025.

Supreme Court quashes City traders’ fraud convictions  

Published:

On 23 July 2025, the Supreme Court of the United Kingdom quashed the fraud convictions of two former City traders after they were referred to the Court of Appeal by the Criminal Cases Review Commission (CCRC).  

Tom Hayes was found guilty in 2015 of multiple charges of conspiracy to defraud by “rigging” the London Inter-Bank Offered Rate (LIBOR). He served five and a half years in a UK prison and was released in January 2021.  

Carlo Palombo was found guilty of conspiracy to defraud by rigging the ‘EURIBOR’ (‘Euro Interbank Offered Rate’) benchmark interest rate between 1 January 2005 and 31 December 2009.  He was convicted of conspiracy to defraud in March 2019 at Southwark Crown Court and sentenced to four years’ imprisonment.  

Both Mr Hayes and Mr Palombo had argued that they were wrongly prosecuted for what were normal commercial practices in order to appease public anger towards the banks over the financial crisis.  

Both men applied to the CCRC. Their cases were referred to the Court of Appeal in July 2023 after a detailed review of extensive submissions.  

In March 2024, the Court of Appeal upheld both Mr Hayes and Mr Palombo’s convictions. The case was subsequently appealed to the Supreme Court, which found that Mr Hayes and Mr Palombo’s convictions could not stand and overturned them. 

The CCRC encourages other traders who believe their convictions are affected by this judgment to contact them. 

[ENDS] 

Notes to editors: 

  1. The CCRC is an independent body set up under the Criminal Appeal Act 1995. It is responsible for independently reviewing suspected and alleged miscarriages of criminal justice in England, Wales and Northern Ireland. It is based in Birmingham and is funded by the Ministry of Justice.     
  1. There are currently ten Commissioners who bring to the CCRC considerable experience from a wide variety of backgrounds. Commissioners are appointed by the monarch on the recommendation of the Prime Minister in accordance with the Office for the Commissioner for Public Appointments’ Code of Practice.  
  1. The CCRC usually receives around 1,500 applications for reviews (convictions and/or sentences) each year. Since starting work in 1997, the CCRC has referred around 3% of applications to the appeal courts.     
  1. The CCRC considers whether, as a result of new evidence or argument, there is a real possibility that the conviction would not be upheld were a reference to be made. New evidence or argument is argument or evidence which has not been raised during the trial or on appeal.  Applicants should usually have appealed first. A case can be referred in the absence of new evidence or argument or an earlier appeal only if there are “exceptional circumstances”.       
  1. If a case is referred, it is then for the appeal court to decide whether the conviction is unsafe. 
  1. More details about the role and work of the Criminal Cases Review Commission can be found at www.ccrc.gov.uk. The CCRC can be found on X, Facebook, Instagram (@the_ccrc) and Linkedin.