City traders have rate-rigging convictions quashed
Source: BBC
Two former City traders who were at the centre of one of the biggest scandals of the financial crisis have had their convictions quashed. Tom Hayes and Carlo Palombo were jailed following trials for manipulating the interest rates used for loans between banks.They were among 19 City traders convicted in the US and UK for manipulating so-called Libor and Euribor interest rates, which are used to set borrowing…
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