Jailed UBS / Citi trader denied fair trial, lawyer tells court

The judge who sentenced Tom Hayes to 14 years in jail for conspiracy to rig Libor interest rates blocked the defence from presenting key evidence about a banking industry that routinely flouted rules, his lawyer told an appeals court on Tuesday.

Reuters reports that on the first day of a two-day appeal against the former derivative trader's conviction and sentence, lawyer Neil Hawes told senior judges at London's Court of Appeal that the jury should have been free to consider if Hayes acted dishonestly against the backdrop of industry practice at the time.

Hawes said Judge Jeremy Cooke had prevented him during his closing speech in the Hayes trial from referring the jury to the culture of the industry in 2006-2010, when he said banks routinely tried to influence benchmark interest rates for commercial reasons.

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Jailed Libor trader denied fair trial, his lawyer tells appeals court

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