Two former City traders, among 19 bankers convicted in the US and UK for manipulating the interest rates used for loans between banks in the wake of the global financial crisis, have had their convictions quashed by a watershed Supreme Court ruling, following a 10-year fight.
Tom Hayes, a former trader at Swiss bank UBS and the first banker jailed over the scandal in 2015, and Carlo Palombo, a former Barclays trader who received a four-year sentence, had their convictions overturned after the Supreme Court ruled that their trials were unfair.
The ruling represents a vindiction for the traders who, for 10 years, have said they were victims of a series of micarriages of justice – exposed by award-winning BBC Economics correspondent Andy Verity in his book Rigged.
In Rigged, Verity uncovers a shocking story of collusion, conspiracy and establishment cover-up at the heart of our financial system and exclusively shows why all the defendants are innocent, and how any real culprits go unpunished. Discover the full, incredible story here.