Former bankers jailed for manipulating interest rates will have their appeal heard by the Supreme Court, according to statements from senior politicians.
Tom Hayes and Carlo Palombo were part of a group of 37 City traders prosecuted for manipulating rate benchmarks Libor and Euribor.
After their release from prison in 2021, the Court of Appeal rejected their attempt to overturn their convictions last week.
Conservative Sir David Davis and Labour’s John McDonnell have both expressed concerns about the fairness of the ruling.
Former Lord Chancellor Lord Mackay of Clashfern has also voiced his “deep concern” regarding the basis of the men’s convictions, as reported by The Telegraphy World.
Mr Hayes and Mr Palombo have said they will apply to the Court of Appeal for permission to take their cases to the Supreme Court.
The former traders were found guilty of manipulating Libor and Euribor, two benchmark interest rates that track what banks pay to borrow cash from each other.
Each day, 16 banks would submit an estimate of the cost of borrowing a large sum of cash from other banks and an average would be taken to get the Libor benchmark, with a similar process to get Euribor.
The cash desks submitting those rates would look at the interest rates at which other banks on the market were offering funds, which differed from each other by one hundredth of a percentage point or two, and select a rate from that range to submit.
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