Jurisdiction(s):
United Kingdom

Court of Appeal certifies point of law for UK Supreme Court on LIBOR/EURIBOR 'honest answer' and 'lowest rate' tests; permission to appeal refused in Hayes and Palombo

Published on: 21 May 2024

Published by a Law360 reporter

Legal News

Article summary

The Court of Appeal has certified a point of law for Tom Hayes, a former trader at Citigroup and UBS, and Carlo Palombo, an ex-Barclays banker, to take to the UK Supreme Court, while refusing them permission to appeal directly. Delivering the judgment, Justice David Bean identified an issue of general public importance: whether traders gave a 'genuine or honest answer' when submitting Libor or Euribor rates whilst bearing in mind their own commercial interests. The court also certified the related question of whether any submission must reflect an assessment of the single cheapest rate at which the banks could borrow, rather than a choice made from within a range of borrowing rates. Justice Bean said it should be for the Supreme Court to determine whether this point of law is one it ought to consider, given the Court of Appeal’s consistent series of decisions. The ruling represents a new twist in the traders’ years-long legal battle to clear their names after prosecutions brought by the Serious Fraud Office in the aftermath of the scandal...

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