Tom Hayes, the former trader convicted of manipulating the London Interbank Offered Rate (LIBOR), is preparing for a final appeal to the UK Supreme Court after a recent setback in the Court of Appeal. The case has reignited discussions on the legal interpretations of dishonesty and the differences between the UK and US justice systems in handling financial misconduct.
Matthew Ewens, a partner at Mishcon de Reya, reflected on the original trial and the legal basis for the LIBOR submissions, commenting: "The legal basis for providing the LIBOR rate daily is that it had to be provided honestly – Mr Justice Cooke directed the jury on this basis. What was being argued is that this was not a point of law but a subjective point that a jury should consider, and that decision was taken out of the jury’s hands."
Read in full.