Tom Hayes, the first trader to be convicted of fixing key interest rates, has been given permission to appeal his conviction to the UK Supreme Court.
The former Citigroup and UBS trader (pictured) was convicted in 2015 of manipulating the Libor rate (the London Interbank Offered Rate), which tracks how much banks pay to borrow money from each other.
Hayes was released from prison in 2021 after serving half of his 11-year sentence
Hayes was one of 38 traders prosecuted for manipulating Libor and has been challenging the decision ever since.
He now faces a hearing in the UK High Court, on a date yet to be determined, along with former Barclays trader Carlo Palombo, who was convicted of manipulating Euribor, another benchmark rate.
Hayes was released from prison in 2021 after serving half of his 11-year sentence.
The scandal led to banks being forced to pay heavy fines for manipulating the benchmark to their advantage.
Traders claim they have been used as scapegoats to divert public anger from the banks.
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