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LIBOR/Euribor rigging prosecutions challenged: MPs allege miscarriages akin to Post Office scandal as CCRC-backed appeals proceed; England now sole jurisdiction treating trader-influenced submissions as criminal

Published on: 13 March 2024

Published by a Law360 reporter
Legal News
Article summary

At a press conference, Conservative MP David Davis and Labour MP John McDonnell argued the traders had been ‘scapegoated’ for merely carrying out directions issued from the very top of the banks employing them. They spoke as Tom Hayes, formerly of UBS and Citigroup, and ex‑Barclays dealer Carlo Palombo prepare to seek to have their convictions overturned at the Court of Appeal on 14 March 2024. Hayes was found guilty in 2015, at the time for conspiring to manipulate the London interbank offered rate benchmark, Libor. Palombo was convicted in 2019, then, for rigging Euribor, the euro counterpart to Libor. Davis said that what began with the understandable furore after the 2008 financial crash and the public demand for accountability had turned into a hunt for scapegoats. He added that we are now facing another miscarriage of justice in the Post Office case, with many similarities to these prosecutions. In his view, British and American regulators were looking for someone to blame and had misunderstood their own areas of expertise, reaching beyond their remits...

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