The Supreme Court has overturned the convictions of two traders, Tom Hayes and Carlo Palombo, previously jailed for manipulating benchmark interest rates.
Hayes, who was sentenced to 14 years in 2015 for rigging the London Interbank Offered Rate (Libor), had his conviction quashed unanimously by the highest court. His sentence had been reduced to 11 years on appeal.
Palombo, a former Barclays vice president convicted in 2019 for rigging Euribor rates, also had his conviction overturned.
Both men had their appeals dismissed last year by the Court of Appeal before taking their cases to the Supreme Court.
Hayes expressed relief and renewed confidence in the justice system following the ruling.
Both have been regarded by some as scapegoats for the 2008 financial crisis, a claim Hayes echoed, insisting they were not involved in the broader economic collapse.