Judgment handed down in the appeals of Tom Hayes and Carlo Palombo

The Court of Appeal (Criminal Division) today refused Tom Hayes’ 2015 appeal against his conviction for conspiracy to defraud, as a result of the alleged manipulation of LIBOR between 2006 and 2010.
 
Mr Hayes’ case had been referred by the CCRC. The gist of the appeal was that the jury had been fundamentally misdirected as to the correct approach to LIBOR and the elements of the offence alleged. As a result, Mr Hayes’ true defence was simply never left to the consideration of the jury and his trial was wholly unfair. At the appeal, he was represented by Adrian Darbishire KC and Tom Doble, instructed by Karen Todner. 
 
Today’s judgment raises some controversial, and in some ways disturbing issues about the border between fact and law and the respective roles of the judge and jury in an English criminal trial. While the Court recognised that the jury had never been directed as to the elements of the conspiracy to defraud alleged, it nonetheless concluded that the convictions were safe. This is a profoundly disappointing outcome for all concerned. 
 
Mr Hayes has made clear that he will continue to fight to obtain justice. His legal team will continue to do whatever they can to support him in that endeavour.