The Serious Fraud Office investigates and prosecutes the most complex fraud, bribery and corruption cases affecting the UK and the safety of our economy. 

Today’s Supreme Court decision comes thirteen years after we first investigated the practice used by some traders and submitters at selected banks to influence key benchmark rates of interest in financial markets.

These rates were called the London Inter-bank Offered Rate (“LIBOR”) and the Euro Inter-bank Offered Rate (“EURIBOR”) and they affected the value of hundreds of trillions of dollars’ worth of financial products around the world, including ordinary people’s pensions, mortgages and savings.

Our investigation led to nine convictions of senior bankers for fraud offences, with two of these individuals pleading guilty and seven found guilty by juries. 

This judgment has determined that the legal directions given to the jury at the conclusion of trial were incorrect in Hayes’ and Palombo’s trials and for that reason their convictions have today been found unsafe.

We have considered this judgment and the full circumstances carefully and determined it would not be in the public interest for us to seek a retrial.