Bankers jailed for interest rate rigging lose appeal

Tom Hayes and Carlo Palombo were among 37 City traders prosecuted for manipulating rate benchmarks, Libor and Euribor. Both men spent time in prison before being released in 2021. Their case went before the Appeal Court after a judge in the US overturned similar convictions there. The traders say they will now apply to take their cases to the Supreme Court.

This was also dismissed by the High Court in London. The case is expected to be heard in court again in the coming weeks. For confidential support call the Samaritans in the UK on 08457 90 90 90, visit a local Samaritans branch or click here for details. Banks have paid $9bn in fines for manipulating Libor and Euribor.

But no senior executive has ever been prosecuted. UK is currently the only jurisdiction in the world that treats what traders did as criminal. The BBC revealed evidence last year that central banks of France, Italy, Spain and the US intervened on a large scale.