Robert Newcombe comments on the quashing of rate-rigging convictions, in Bloomberg, The Law Society Gazette and Law360

Robert Newcombe has provided comment in Bloomberg, The Law Society Gazette and Law360 on the news that former traders Tom Hayes and Carlo Palombo have had their criminal charges for rate-rigging overturned by the UK Supreme Court.

“The UK Supreme Court has issued a stark reminder to judges in criminal trials that matters of fact are for the jury to decide. The judgment does raise serious questions as to whether a judge sitting alone is a suitable tribunal to try a fraud case in place of a properly directed jury.

“The quashing of the convictions of Hayes and Palombo by the Supreme Court raises the very real spectre that all the other convictions relating to the LIBOR and EURIBOR benchmarking cases are also miscarriages of justice. The SFO will be alive to this and will no doubt already have considered whether it should concede appeals from others, similarly accused, whether or not they entered pleas of guilty, in light of the judicial misdirection at first instance.”

Robert’s comments were published in Bloomberg, The Law Society Gazette and Law360, 24 July 2025.