Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favorite tales on this weekly publication.Tom Hayes has failed in his try and overturn his conviction for rigging an rate of interest benchmark because the Courtroom of Attraction in London upheld the responsible verdict handed to the previous UBS and Citigroup dealer 9 years in the past.Hayes served 5 and a half years in jail after being convicted by a jury in 2015 for manipulating Libor. He was considered one of 9 people efficiently prosecuted by the UK’s Severe Fraud Workplace for rigging benchmark charges.The Courtroom of Attraction heard Hayes’s case alongside that of Carlo Palombo, an ex-Barclays dealer equally convicted of manipulating Euribor, one other benchmark charge, who obtained a four-year sentence.Each got the possibility to clear their names after a assessment by the Legal Circumstances Evaluate Fee, which investigates potential miscarriages of justice.The pair made their attraction over a decade after the scandal erupted over Libor — or the London Interbank Supplied Price — which despatched shockwaves by means of monetary markets and went on to price banks billions in fines and settlements.A central a part of Hayes’s attraction case was {that a} 2022 judgment within the US had overturned the convictions of two former Deutsche Financial institution merchants, Matthew Connolly and Gavin Black, for his or her half in an alleged Libor rigging scheme, and led to all fees in opposition to Hayes within the US being dropped.Nevertheless, in a abstract of his ruling on Wednesday, the Courtroom of Attraction’s Lord Justice Bean mentioned that the US ruling didn’t “forged doubt on the correctness of the earlier selections” of the English courts “as a matter of English legislation”. “Each appeals are dismissed,” he mentioned.