Libor: After more than 50 years, tainted benchmark is officially no more Markets Libor, the more than 50-year-old benchmark borrowing rate, has officially been phased out after an arduous process kickstarted by a rigging scandal in the early 2010s.
Tom Hayes: Ex-Libor trader compares himself to Alan Bates as calls grow for appeal to go to Supreme Court Banking Tom Hayes, the ex-banker jailed for rate-rigging, has said he was "scapegoated" and compared himself to Post Office campaigner Alan Bates amid calls for his appeal to go to the Supreme Court.
Tom Hayes and Carlo Palombo: Leading politicians say ex-bankers’ rate-rigging appeal should go to Supreme Court Banking Three senior politicians have called for two ex-bankers jailed for rigging interest rates to have their appeal heard by the Supreme Court.
Central banks and governments pressured lenders to rig Libor rate, new book claims May 22, 2023 A new book alleges that banks were pressured by central banks and governments to manipulate the London Interbank Offered Rate, or Libor, in an attempt to boost confidence in the financial sector. The book, which is being serialised in The Times, claims that regulators and prosecutors knew about this pressure, but covered it up when [...]
Libor trader Tom Hayes: I’ll keep fighting to clear my name in UK after US throws out charges October 31, 2022 The former banker who spent five years inside for ‘rigging’ Libor rates has told City A.M. he feels he owes it to other convicted traders to keep fighting to clear his name. Tom Hayes, who worked at UBS, was one of a number of traders sentenced for a cumulative total of almost 50 years for [...]
Libor rigging special: Calls grow to review all convictions of City traders as ‘UK’s position is absurd’ October 31, 2022 A major City scandal that most bankers in London had left behind years ago seems to be coming back with a vengeance. In a new twist in one of the Square Mile’s biggest-ever scandals, the Libor rate-fixing case, British former trader Tom Hayes has had the long-running case against him in the United States thrown out. As [...]
Property boss launches £1.5bn legal claim against Lloyds over Libor hit March 19, 2022 The former Centre Point owner has tabled a £1.5bn legal claim against Lloyds Banking Group, pointing to the Libor scandal as reason for his property firm’s woes. Founder of property investment firm Targetfollow, Ardeshir Naghshineh, said he would have never taken out certain loans if he had knowledge of the Libor benchmark being manipulated fraudulently. [...]
Deutsche Bank Libor whistleblower awarded record $200m payout October 22, 2021 US watchdog the Commodity Futures Trading Commission (CFTC) has awarded a record almost $200m to a former Deutsche Bank employee who raised the alarm about Libor-rigging, in the biggest-ever US whistleblower payout. The regulator said the payment had been made for “specific, credible and timely original information” that “significantly contributed” to an already “open investigation” [...]
Criminal Commission consider report alleging Tom Hayes was wrongfully convicted for Libor rigging July 26, 2021 An academic paper that claims Tom Hayes was wrongfully convicted for rigging Libor interest rates is under review by the Criminal Cases Review Commission (CCRC). It’s the latest development in an ongoing inquiry by the CCRC – the body responsible for investigating suspected miscarriages of justice – into the former trader’s case. The CCRC confirmed [...]
FCA calls formal end to all Libor rates at the end of the year March 5, 2021 The Financial Conduct Authority announced this morning a formal end to nearly all Libor rates at the end of this year, putting pressure on markets to complete their biggest change in decades. The so-called London Interbank Offered Rate, or Libor, will be replaced by rates compiled by central banks. The change comes after financial institutions [...]