Tom Hayes and Carlo Palombo have had their convictions overturned unanimously by the Supreme Court over rate-rigging on foreign currency following prosecutions brought by the Serious Fraud Office.

Hayes was a former trader at UBS and Citigroup from 2006 to 2010, working in Tokyo, who was accused of manipulating London Inter-bank Offered Rate (Libor) for the Japanese yen at the height of the financial crisis. He was charged with conspiracy to defraud and following trial in August 2015 was sentenced to 14 years in prison, reduced to 11 years on appeal. He had to serve more than five years of his sentence, which has now been overturned at the highest court in the land.