Today the Criminal Cases Review Commission confirmed that they have agreed to refer the case of Tom Hayes, who was convicted for “rigging” LIBOR rates in 2015, to the Court of Appeal.
Helen Pitcher, the Chairman of the CCRC, said that “we have concluded after a lengthy and complex investigation that the Court of Appeal should clarify whether the right legal approach was taken in Mr Hayes’ case.”
“We are committed to leaving no stone unturned in our comprehensive reviews of potential miscarriages of justice,” she added.
Hayes first applied to the CCRC in 2017 but the body invited Hayes and his legal representatives to make additional submissions after a US Court overturned all LIBOR convictions in January 2022. This means that the UK is now the only country in the world to consider the actions of LIBOR traders – requesting higher or lower rates depending on their trading positions – a criminal offence.
The CCRC noted that “there is a real possibility that the Court of Appeal will prefer the legal approach to the definition and operation of the LIBOR rules taken by the US Court and overturn Mr Hayes’ conviction.”
Hayes told Disruption Banking that “I am delighted that the CCRC has referred my case back to the Court of Appeal today after a six and half year investigation. It is now time for all those convicted of LIBOR rigging to get justice. Although we have all served our custodial sentence, the scars of our experiences remain today and continue to plague us.
“I am pleased that the commission feels that there is a real possibility that the case in law used in our cases will be revised by either the Court of Appeal or the Supreme Court. Of course, such a revision would merely bring the UK into line with the law used in the rest of the world. It remains a tragedy that so many lives were ruined by the false narrative propagated from 2012 when various enquiries were lied to by multiple powerful institutions. We will continue to also pursue justice through the House of Commons, through a new LIBOR enquiry to expose and hold to account those responsible.
“I would like to thank my entire legal team for their tenacity and perseverance, especially those who have been with me from the darkest days in 2016 post my conviction. Karen Todner has never allowed my spirits to flag even when I was close to giving up. Today we move a step closer to vindication and justice for all.”
Author: Harry Clynch
