London
Reuters
 — 

Tom Hayes, the first trader ever jailed for interest rate rigging, had his conviction overturned by Britain’s top court Wednesday after a years-long fight to clear his name.

The UK Supreme Court unanimously allowed Hayes’ appeal, overturning his 2015 conviction of eight counts of conspiracy to defraud by manipulating Libor, a now-defunct benchmark interest rate.

The court said there had been “ample evidence” for a jury to reasonably conclude Hayes had conspired with others to manipulate Libor submissions – much of it coming from Hayes’ own interviews with Britain’s Serious Fraud Office, which brought the charges against him.

But the jury 10 years ago was misdirected by the judge, the court said, and that “undermined the fairness of the trial.”

Supreme Court judge George Leggatt said Hayes was entitled to present his defense against allegations that he conspired to submit false information, including his insistence that he acted honestly, and to have those claims fairly considered by the jury.

“He was deprived of that opportunity by directions which were legally inaccurate and unfair,” the court said, adding that his convictions were “therefore unsafe and cannot stand.”

Hayes had initially received a 14-year prison sentence, later reduced to 11 years on appeal. He served five and a half years before being released on license in 2021.

A former star Citigroup and UBS trader, Hayes became the face of the global Libor scandal and challenged his conviction during three days of hearings at the UK Supreme Court along with Carlo Palombo, 46, a former Barclays trader who was found guilty in 2019 of skewing Libor’s euro equivalent, Euribor.

The court also quashed Palombo’s conviction. He was given a four-year sentence in 2019.

The SFO said that after considering the judgment it would not be in the public interest for it to seek a retrial.

Hayes and Palombo had argued that their convictions depended on a definition of Libor and Euribor that assumes there is an absolute legal bar on a bank’s commercial interests being taken into account when setting rates.

The Libor rate, phased out in 2023, was designed to reflect banks’ short-term funding costs and based on daily estimates from a group of banks as to how much they would expect to pay to borrow funds from each other for a range of currencies and periods.

Hayes’ challenge at the Supreme Court followed a landmark US court decision in 2022 that overturned the Libor rigging convictions of two former Deutsche Bank traders.

Rute Cardoso, the wife of Diogo Jota, has paid tribute to her late husband, marking a month since the couple got married.

Liverpool and Portugal star Jota died in a car crash in Spain on July 3 at the age of 28 along with his 25-year-old brother André Silva – who was also a professional footballer.

In a post on Instagram, Cardoso shared photographs from their wedding day on June 22, along with an emotional message.

“1 month since our ‘til death do us part,’” she said Tuesday, adding she was “forever” his.

Jota married his long-term partner Cardoso less than two weeks before the crash. The couple had three children together.

The soccer world has rallied behind the family since Jota’s death. His funeral was attended by many current players, including Liverpool captain Virgil van Dijk and Portugal star Rúben Neves.

Cardoso was pictured embracing other mourners as she arrived at the church ahead of the ceremony on July 5.

Liverpool, the team Jota was playing for before his death, has since retired his No. 20 shirt.

A mural of the star has also been painted on a wall in the city.

Jota was a vital part of Liverpool’s recent success, lifting the Premier League trophy at the end of last season.

He was also part of the Portugal national team which won the Nations League in June this year, having also won the competition in 2019.

England has made late comebacks its calling card at the 2025 Women’s Euros and produced another dramatic finish in its 2-1 victory over Italy in the semifinals in Geneva, Switzerland on Tuesday.

The Lionesses had trailed most of the match after Barbara Bonansea’s first half goal on 33 minutes until Michelle Agyemang equalized in the 96th minute, with less than two minutes of added time remaining.

In extra time and with the contest looking as if it was going to penalties for the second consecutive match, England was awarded a penalty in the 117th minute when Beth Mead was fouled in the box.

Although Azzurre goalkeeper Laura Giuliani initially saved Chloe Kelly’s spot-kick, the English forward was quickest to react, stabbing the rebound home from close range and booking the Lionesses’ place in the final in the most dramatic fashion.

“It is definitely a movie that keeps you on the edge of your seat,” Kelly told reporters afterwards. “These girls are brilliant – they make me so proud to be English, as every English person is right now.

“I can’t believe what happened. The togetherness of this group is so special.”

England had qualified for the semifinals in an extraordinary manner, scoring two late goals to come from 2-0 down to force extra time against Sweden before a dramatic penalty shootout unfolded with the Lionesses managing to keep their cool at the key moment.

Italy, on the other hand, had beaten Norway in the quarterfinals but was the heavy underdog against the Women’s Euros defending champion, looking for its first spot in the final since 1997.

Despite the pre-match predictions, it was the Italians who struck first. A probing cross from Sofia Cantore caused all manner of confusion among the England defenders before Bonansea was able to corral the ball and smash it into the roof of the net.

With the Azzurre ahead, England went on the front foot in search of the equalizer. And whether through some wayward finishing or some inspired goalkeeping from Giuliani, the Lionesses were unable to draw themselves level.

That was until the 96th minute when Agyemang, who has made a habit as a substitute of providing big, late impacts at this tournament, once again displayed her proficiency off the bench.

Giuliani could only parry a cross with the rebound falling to the 19-year-old’s feet where she smashed the ball home.

The goal sparked wild scenes of celebration, with Italy’s players clearly distraught at conceding so late into the match.

With the game in extra-time, both teams had chances to score again – Agyemang came closest in the 117th minute where her lob bounced off the crossbar.

But with penalties looming once again for England, Mead was fouled in the box as she attempted to connect with a Lauren Hemp cross, with referee Ivana Martinčić pointing to the spot.

There was even more drama though as Kelly – with her unique run-up before her penalty, comprising of a hop and a jump – had her penalty saved but managed to tap home to clinch a dramatic win.

The victory continues England’s success at major international tournaments, with this marking the team’s third final in a row; the Lionesses won the Women’s Euros on home soil in 2022 and lost to Spain in the World Cup final in 2023.

“I feel like it hasn’t really sunk in. It was just a rollercoaster of emotions, trying to stay focused in the 120 minutes to make sure we didn’t let Italy back into the game,” England defender Lucy Bronze said afterwards. “I can imagine once I’m in the dressing room, and we’re on the bus, and we get back to (the team base in) Zurich, it’ll sink in that we’ve made it to another final.

“I don’t think you’ll find a team in world football with more fight and more resilience than this England team. To come back and to never give up, the same as we did in the previous game, and to fight to the end; we kept our dreams alive and then to finish it in extra time as well is unbelievable.”

England will face either Spain or Germany in Sunday’s final in Basel, with the two facing off in their semifinal on Wednesday in Zurich.